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The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 9300 East Gregory Boulevard in Raytown, Missouri for $5,862,250.
Walgreens is the sole occupant of the
retail building that was originally constructed in 1999. The property is
located at the signalized intersection of Blue Parkway and East Gregory
Boulevard approximately five miles south of both Arrowhead Stadium (Kansas City
Chiefs) and Kauffman Stadium (Kansas City Royals). Blue Parkway is a primary
thoroughfare in the area. The Walgreens property is located in a strong retail
corridor in close proximity to Walmart Supercenter, Aldi, Hy-Vee, and CVS.
Walgreens recently executed an early lease extension for 10 years. There are 15
years remaining on the Walgreens lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented both the seller and
purchaser in the transaction. The purchaser was a high net-worth individual in
a 1031 exchange and the seller was a private partnership.
Walgreens has 15
years remaining on their lease which expires July 31, 2029. Walgreens recently
elected to execute an early lease extension. This is a strong performing
Walgreens location with excellent store sales. Walgreens is a publicly traded
company (NYSE: WAG) with a market capitalization in excess of $69 billion and
is an investment grade rated company (S&P: BBB).
“The market for Walgreens properties remains strong as investors
continue to be 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.