Net Lease: May 2015

Thursday, May 28, 2015

The Boulder Group Arranges Sale of Net Leased Walgreens Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Walgreens property located at 2261 South Sterling Avenue in Independence, MO for $4,675,000.

The 18,000 square foot Walgreens building is located at the heavily trafficked signalized intersection of East 23rd Street and South Sterling Avenue, which experiences traffic counts in excess of 42,000 vehicles per day. The Walgreens is located along East 23rd Street; the primary east-west thoroughfare in the area which has a full interchange with Interstate 435 approximately two miles west of the property. The surrounding area is densely concentrated with commercial buildings providing high barriers to entry. There are over 66,000 people living within a three mile radius of the Walgreens.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a Midwest based institution and the buyer was a Miami based high net worth investor.

There are over five years remaining on the Walgreens lease which expires in January 2021. The lease features eight 5-year renewal option periods and no landlord responsibilities. This is a proven location for Walgreens as they have successfully operated at this location since 1999. Walgreens is an investment grade rated tenant with a Standard and Poor’s rating of BBB.

“Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Drug store properties priced below $5,000,000 are in the greatest demand amongst private investors.”

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 $2.1 billion of single tenant net lease real estate transactions. From 2010-2014, 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. www.bouldergroup.com

Thursday, May 14, 2015

The Boulder Group Arranges Sale of Single Tenant Net Leased Walgreens

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 732 West Old Ridge Road in Hobart, Indiana for $6,093,000.

This Walgreens location has exceptional store sales and is positioned at the hard corner of a signalized intersection. Walgreens has successfully operated at this location since 2001 and recently executed an early ten year lease extension demonstrating their commitment to this location. The 15,120 square foot Walgreens building is strategically located at the signalized intersection of West Old Ridge Road and North Wisconsin Street. West Old Ridge Road is a primary thoroughfare in the market. The property features multiple points of ingress and egress and is easily accessible in all directions. There are over 42,000 people living within a three mile radius of the property.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest based institution and the buyer was a high net worth international investor.

The recently extended Walgreens lease has over 16 years remaining and expires in December 2031. The lease features minimal landlord responsibilities. This is a proven location for Walgreens as they have successfully operated at this property since 2001. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.

“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 single tenant properties are selling in all types of locations; core markets, like the Chicago MSA, are at the forefront of investor demand.”

Wednesday, May 13, 2015

The Boulder Group Arranges Sale of Net Leased Orscheln Farm & Home Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Orscheln Farm & Home property located at 23680 Highway 5 in Centerville, IA for $2,040,000.

The 26,710 square foot Orscheln building is strategically located along Highway 5. Highway 5 is the primary north-south thoroughfare in the region. The Orscheln property is benefited by its proximity to the Walmart Supercenter that is located down the street. Centerville was named one of the top five outdoor towns in America by Outdoor Life Magazine in part due to Rathbun Lake. The 11,000 acre lake is located approximately seven miles north of Centerville and attracts many people to the area.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private real estate company. The purchaser was a Midwest based private investor in a 1031 Exchange.

Orscheln Farm & Home has approximately 18 years remaining on their lease that features 9.5% rental escalations every five years. This recently constructed property is a relocation of a previously successful Orscheln store. Orscheln Farm & Home has 172 locations across the United States and supplies agricultural goods for farm, home, ranch and suburban customers.

“Properties featuring long term leases with rental escalations throughout the primary term remain at the forefront of investor demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties that are valued around $2 million are receiving the most activity from high net worth individuals and 1031 exchange buyers.”

Monday, May 11, 2015

Visit Net Lease Firm The Boulder Group | ICSC RECon | Booth S3937 (South Hall)

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 $2.1 billion of single tenant net lease real estate transactions. From 2010-2014, 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.

http://www.bouldergroup.com/index.html

Wednesday, May 6, 2015

Net Lease Property For Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant Culver’s property located in an affluent area of the Chicago MSA. The property is located just off of a heavily trafficked signalized intersection near several large corporate campuses. Culver’s has successfully operated at this location since 2006 and recently signed a new lease. Culver’s lease has over 15 years remaining and expires on December 23, 2030. The lease features annual rental escalations of 1.75% and two 10-year renewal option periods. Culver’s is a privately owned and operated fast food restaurant chain with over 500 locations in 22 states. The Culver’s franchise program is tremendously successful and has only had one failed franchisee in 30 years of operation.

The 49,919 square foot Culver’s property is positioned as an outparcel to an Aldi anchored shopping center. The property is benefited by its location within a strong regional retail trade area that features IKEA, Costco, and the Woodfield Mall. The Woodfield Mall is 2.1 million square feet and attracts over 27 million visitors annually. The mall is anchored by Apple, Nordstrom, Lord & Taylor, and Macy’s. Further contributing to the strength of the Culver’s property is its proximity to several large corporate campus’ including Motorola’s, which employees over 3,500 people. Zurich Insurance Group is relocating their North American Headquarters to a 40-acre site that is located approximately one-half mile south of the property. Additionally, the Culver’s property is located in the immediate proximity to several large hotels including the Renaissance Convention Center, Embassy Suites, Hyatt, Hyatt Place & Residence Inn.

The 4,500 square foot Culver’s building is located just off of the signalized intersection of East Algonquin Road and North Meacham Road. This heavily traffic signalized intersection experiences traffic volumes in excess of 65,000 vehicles per day. Further contributing the strength of the Culver’s is its proximity to Interstate 290 which is located approximately one mile east of the property. Interstate 290 experiences traffic counts in excess of 178,000 vehicles per day. The property will greatly benefit from a new Meacham Road and Interstate 90 interchange which is being constructed approximately one-half mile south of the Culver’s. Interstate 90 experiences traffic counts in excess of 157,000 vehicles per day. The surrounding area is affluent with over 81,000 people living within a three mile radius of the property earning average annual household incomes in excess of $95,000.

http://www.bouldergroup.com/NNN-Properties-For-Sale.html