The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single tenant triple net leased
Walgreens property located at 28895 West Highway 120 in Lakemoor, Illinois for
$6,725,000. Lakemoor is a growing community within the Chicago MSA which
experienced a double in population since 2000.
Walgreens is the sole occupant of the
14,820 square foot retail building that was completed in October 2013. The
property is located at a signalized intersection along Highway 120, the primary
east-west roadway in the immediate area. The intersection of Highway 120 and
Darrell Road experiences traffic counts in excess of 30,000 vehicles per day.
The Walgreens lease has 25 years remaining, a rare feature for a new
construction Walgreens property.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented both the seller and buyer in
the transaction. The seller was a Midwest based developer and the buyer was a
private investor in a 1031 exchange.
Walgreens has
approximately 25 years of primary lease term remaining on their lease that
commenced in November 2013. Walgreens is a publicly traded company on the New
York Stock Exchange (WAG), with a market capitalization of $71 billion.
Walgreens is an investment grade rated company with a Standard & Poor’s
rating of BBB and they operate over 8,560 locations.
“The market for Walgreens properties remains active as
investors are attracted to investment grade rated companies with long term
leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “While most investors are attracted to Walgreens properties, investors
in 1031 exchanges have been amongst the most successful in purchasing these
properties because of the premium that they are willing to pay.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
