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 4300 Highway 17 South in North Myrtle Beach, South Carolina for $5,015,000.

The Walgreens property is strategically positioned at the signalized intersection of Highway 17 and Windy Hill Road. Highway 17 is the primary north-south thoroughfare in the trade area and experiences traffic volumes in excess of 50,000 vehicles per day. The surrounding area features numerous national retailers including Home Depot, Lowe’s, Walmart and CVS.

Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction; a Midwest based private investor in a 1031 Exchange. The seller was a California based private investor.

There are approximately seven years remaining on the net lease which expires in June 2022. Walgreens has operated at this location since 2002. Walgreens is an investment grade rated company 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.  John Feeney, Vice President of The Boulder Group, added, “Net lease properties with strong residual real estate value are highly sought after amongst the investment community.”

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 $3 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 Arranges Sale of a Net Leased AT&T and Heartland Dental Property in the Chicago MSA

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a two-tenant net leased center located at 418-20 East Rollins Road in Round Lake Beach, IL for $2,163,087.

The property is positioned at the signalized entrance to a development that features LA Fitness, Kohl’s, Petco and Regal Cinemas. East Rollins Road is a primary east-west thoroughfare which experiences traffic counts of 30,000 vehicles per day.

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

Both the Heartland Dental lease and the AT&T lease are for 10 years and feature 10% rental escalations every five years. Heartland Dental was founded in 1997 and operates 100+ locations throughout the Midwest. The AT&T lease is guaranteed by Spring Communications Holding, Inc. which is an affiliated entity of GameStop.

“The market for net lease properties in top MSAs remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “The purchaser was attracted to this property due to its prime location and the strength of the two tenants.”

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 $3 billion of single tenant net lease real estate transactions. From 2011-2014, 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 Arranges Sale of Net Lease Hooters Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Hooters property located at 316 SW Greenville Boulevard in Greenville, NC for $1,500,000.

The 4,100 square foot Hooters property is located along the area’s primary thoroughfare which features numerous national retailers including Walmart Supercenter, Target, Kohl’s, Lowe’s, Dick’s Sporting Goods, Best Buy and many others. The Hooters is benefitted by its proximity to East Carolina University which has a total enrollment in excess of 27,000 students.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a private high net worth investor. The seller was a local real estate developer.

There are over eight years remaining on the Hooters lease which expires November 30, 2023. The lease features rental escalations throughout the primary term.

“Properties priced below $2 million with corporate guarantees continue to garner significant interest amongst private investors” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “As there is a limited amount of long term core assets on the market, some net lease investors are seeking assets with shorter term leases in strong retail corridors for higher yields.”

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 $3 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 Publishes Net Lease Drug Store Research Report

The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the activity in the National Net Lease Drug Store Market.

Highlights from the report are as follows:

• Cap rates for Walgreens, CVS and Rite Aid are at historic lows
  
  
• The supply of drug store properties on the market increased by 22%
  
  
• Drug store properties are commanding a 76 basis point premium over the retail net lease market

The full report can be viewed online at http://www.bouldergroup.com/Net-Lease-Drug-Store-Research-Report.pdf

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 $3 billion of single tenant net lease real estate transactions. In 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. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com  

The Boulder Group Arranges Sale of Net Lease Family ER + Urgent Care Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Family ER + Urgent Care property located at 8200 N MacArthur Boulevard in Irving, TX for $6,154,000.

The newly constructed 10,200 square foot Family ER + Urgent Care is strategically located along N. MacArthur Boulevard in the immediate proximity to Interstate 635 (LBJ Freeway). The property is situated in a retail destination that includes Walmart, Sam’s Club, Kohl’s, Target, Kroger and many other national retailers. There are approximately 30,000 people living within a three mile radius of the property earning average annual household incomes in excess of $100,000.

Family ER + Urgent Care are freestanding emergency centers and urgent care facilities that give patients the option to seek emergency or convenient care without having to go to the hospital or wait for an appointment at a private physician’s office.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a joint venture in a 1031 Exchange. The seller was a Texas-based developer.

The Family ER + Urgent Care lease is for twenty years and expires January 31, 2035. The absolute triple net lease features 5% rental escalations every three years.

“Medical related properties featuring long term leases with multiple rental escalations continue to be highly sought after amongst the investor community as they provide an inflationary hedge” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “We are seeing many investors turn their attention to medical properties as they are highly resistant to e-commerce.”

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 $3 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’s Sale of Trophy CVS Property Sets Record Cap Rate

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased CVS property located at 5920 West Park Boulevard in Plano, Texas for $10,202,589. This trophy property was sold at a 4.82% cap rate which is the lowest cap rate for a drug store property sold in 2015 outside of California according to Real Capital Analytics.

The 13,146 square foot CVS building is located in Plano, an affluent northern suburb of Dallas. The property is strategically located at the heavily trafficked signalized intersection of West Park Boulevard and Parkwood Boulevard. This signalized intersection experiences traffic volumes of approximately 50,000 vehicles per day. Additionally, the property is benefited by its proximity to the North Dallas Tollway. There are approximately 300,000 people living within a five mile radius of the property earning average annual household incomes in excess of $108,000.

The CVS is situated in a vibrant retail corridor which features Costco, Walmart Supercenter, SuperTarget, Home Depot and the Willow Bend Mall (which is anchored by Neiman Marcus, Macy’s, Dillard’s & Apple). Further contributing to the strength of this retail corridor is the presence of Ikea which is located approximately five miles north of the property.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private partnership. The purchaser was a high net worth individual in a 1031 Exchange.

There are approximately 21 years remaining on the absolute triple net CVS lease. The lease features a 5% rental escalation in each of the six 5-year renewal option periods. CVS is an investment grade rated tenant (S&P: BBB+) and is publicly traded with a market capitalization in excess of $113 billion.

“The property’s superior location within a core market allowed The Boulder Group to achieve a historic cap rate for this sale” 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 Dallas, are at the forefront of investor demand.”

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 $2.4 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

Net-Lease Sector 'Red Hot' as Developers Race to Meet Tenant Demand

http://www.costar.com/News/Article/Net-Lease-Sector-Red-Hot-as-Developers-Race-to-Meet-Tenant-Demand/176320