Northbrook, IL – May 28, 2015 – (RealEstateRama) — 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