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
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
