The Boulder Group Arranges Sale of a Triple Net Leased Budget Rent a Car Property in Oak Lawn, Illinois (Chicago MSA)

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Budget Rent a Car property located at 8940 S. Cicero Avenue in Oak Lawn, IL for $1,135,000.

Budget is the sole occupant of the 2,500 square foot retail building that was developed in 1985. The property is located on a 29,519 square foot parcel along Cicero Avenue in Chicago, IL. Cicero Avenue is a heavily trafficked roadway with 48,000 vehicles passing the property daily. The property has over 230 feet of frontage along Cicero Avenue. The property is fully leased to Budget Rent a Car with four years of lease term remaining and has two renewal option terms remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest based partnership in the transaction. The buyer was a high net worth individual located in Canada.

Budget Rent a Car has four years of lease term remaining on an original fifteen year lease. The Avis Budget Group is a publicly traded company on the NASDAQ Stock Market (CAR), with a market capitalization of $1 Billion. The Avis Budget Group has 10,000 locations and employs 28,000 people.

“The market for single tenant properties with shorter term leases is becoming more active as investors are attracted to the high yield these properties generate” 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 Chicago, are at the forefront of investor demand.” 

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a $68.7 million Walgreens Portfolio (9 Properties) on the East Coast

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens portfolio consisting of nine properties located on the east coast for $68,700,000. The properties are located in Connecticut, Massachusetts, New Hampshire and New Jersey.  

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investment company, in the transaction. The buyer, a Midwest based institutional investment firm, was represented in-house. 

The portfolio included the following Walgreens properties:

1.   980 Farmington Avenue in Berlin, CT (Hartford MSA)

2.   1036 West Main Street in Branford, CT

3.   880 North Montello Street in Brockton, MA (Boston MSA)

4.   1 Glenwood Avenue in Dover, NH

5.   17 Crystal Avenue in Derry, NH

6.   897 Main Street in Melrose, MA (Boston MSA)

7.   20 West Kings Highway in Mount Ephraim, NJ (Philadelphia MSA)

8.   1131 US Highway 46 in Ledgewood, NJ (New York MSA)

9.   500 Egg Harbor Road in Sewell, NJ (Philadelphia MSA)

The Boulder Group generated multiple offers for this portfolio due to the high demand for core net leased properties combined with the long term Walgreens leases. This portfolio attracted an abundance of investors as this was a rare opportunity to purchase a highly concentrated portfolio in one region leased to an investment grade tenant.  The majority of the interest was among high net worth individuals, international investors, 1031 exchange trade buyers, and institutions. Ultimately an institutional investor was the most aggressive bidder as the portfolio provided an ideal acquisition for their existing criteria.

“This portfolio represented a rare opportunity for an investor to acquire a large portfolio of long term triple net leased Walgreens properties and we were able to achieve a sale price within one percent of the asking price.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Walgreens properties with over 20 years of lease term are one of the most sought after assets in the single tenant net lease market, and we had strong demand for this portfolio.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Triple Net Leased Bank of America Property in Chicago, Illinois

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Bank of America property located at 3010 South Kedzie Avenue in Chicago, IL for $3,875,000.

Bank of America is the sole occupant of the 6,500 square foot retail building that was developed in 2003. The property is located on a 35,000 square foot parcel at the southwest corner of Kedzie Avenue and West 30^th Street in Chicago, IL. The property is located three-quarters of a mile north of Interstate 55 in a densely populated area.  The property is fully leased to Bank of America with eleven years of lease term remaining and has two rental escalations remaining in the primary term of the lease.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high net worth individual located in California in a 1031 exchange.

Bank of America has eleven years of lease term remaining on an original 20 year lease. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $79 Billion. Bank of America is an investment grade rated company with a Standard & Poor’s rating of A- and has over 2,600 locations nationwide.

“The market for properties occupied by major banks remains active as investors are attracted to investment grade rated companies with rental escalations in the 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 Chicago, are at the forefront of investor demand.” 

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

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The Boulder Group Arranges Sale of a Single Tenant Net Leased Walgreens Property in Alexandria, Minnesota

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 910 Broadway Street in Alexandria, MN for $5,075,000.

Walgreens is the sole occupant of the 14,820 square foot retail building that was developed in 2008. The property is located on a 1.49 acre parcel at the northeast corner of Broadway Street and 10th Avenue in Alexandria, MN. The property is located two and one-half miles north of Interstate 94 and two hours northwest of Minneapolis. The property is leased to Walgreens with 21 years of lease term remaining and is located on the hard corner of a signalized intersection.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest family trust, in the transaction. The buyer was a Chicago based investment firm.

Walgreens has twenty one years of lease term remaining on an original 25 year triple net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A and has over 7,700 stores nationwide.

“The market for long term net leased Walgreens remains strong as investors are attracted to investment grade tenanted properties that can be financed via multiple loan products” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “There are few tenants that consistently engage in lease over 20 years, therefore there continues to be high demand for Walgreens related properties.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Triple Net Leased Dollar General Property in Kansas City, Kansas

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Dollar General property located at 2272 Quindaro Blvd in Kansas City, KS for $1,174,000.

The 9,100 square foot Dollar General was built in 2012 and is located in the northwest portion of the Kansas City MSA. The building is situated on a 1.03 acre parcel and is leased for 15 years to Dollar General on a net lease basis. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 9,300 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago high net worth individual investor, in the transaction. The seller was a Midwest based developer.

“The market for newly developed triple net leased Dollar Generals is robust as investor demand for long term leased properties in the under two million price point exceeds the supply.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Expect activity for single tenant leased Dollar General properties to increase as they are developing a considerable amount of stores and their Standard and Poor’s rating was recently increased to BBB-.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Triple Net Leased Time Warner Cable Property in the Dallas MSA

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Time Warner Cable property located at 14079 Senlac Drive in Farmers Branch, TX for $4,820,000.

Time Warner Cable is the sole occupant of the 40,000 square foot industrial building that was developed in 1996. The property is located on a 4.86 acre parcel in Farmers Branch, TX. Farmers Branch is located in the northeast portion of the Dallas MSA. The property featured a high end building combined with a newly renewed lease to an investment grade rated tenant.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based partnership, in the transaction. The buyer was a high net worth individual investor.

Time Warner Cable had seven years of lease term remaining on a triple net lease with annual rental escalations in the primary term. Time Warner Cable is a publicly traded company on the New York Stock Exchange (TWC) and the company has an investment grade credit rating by Standard and Poor’s of BBB.

“The market for net leased industrial properties remains strong and investors are particularly focused on higher quality tenants in major metros, therefore this was a sought after asset.” ” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Despite the increased demand for long term single tenant assets, there are investors willing to purchase shorter term assets in order to achieve higher yields in major markets.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Single Tenant McDonald’s Ground Lease in the Chicago MSA

                 The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant McDonald’s ground lease located at 3711 57^th Avenue in Kenosha, WI for $1,050,000.

McDonald’s is the sole occupant of the 4,467 square foot retail building that was developed in 2011. The property is located on a 1.88 acre parcel at the northeast corner of Green Bay Road and Washington Road in Kenosha, WI. The property is benefitted by its strategic position next to CVS and other nearby retailers including Wal-Mart and Sam’s Club. The property features a newly developed property with a twenty year lease (with rental escalations) in a prime location between Milwaukee and Chicago.  The property has curb cuts for ingress and egress on both Washington and Green Bay roads.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction; the seller, a Chicago based development firm and the buyer, a private investor based in the Midwest.

McDonald’s has a new twenty year ground lease at this property with rental escalations throughout the lease term. McDonald’s is a publicly traded company on the New York Stock Exchange (MCD), with a market capitalization of $102 Billion. McDonald’s is an investment grade rated company with a Standard & Poor’s rating of A and has over 33,000 restaurants worldwide.

“The market for McDonald’s ground leases remains active as investors are attracted to investment grade tenanted properties with long term leases under $2 million dollars.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “The lack of newly developed single tenant properties is causing prices to increase for core assets, similar to this particular McDonald’s transaction.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com