Northbrook, IL – February 1, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 2075 US Highway 1 South in St. Augustine, Florida for $3,150,000.
The 15,525 square foot Walgreens is strategically positioned at the signalized intersection of US Highway 1 South and Southpark Boulevard which experiences traffic counts in excess of 47,000 vehicles per day. The Walgreens is positioned across the street from the Flagler Hospital which is a 335-bed acute care hospital that consistently ranks in the top 5% of hospitals nationally. Retailers located in the immediate trade area include JCPenney, Belk, Walmart Supercenter, Target, Home Depot, Hobby Lobby and many others.
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 Florida based developer.
There are over four years remaining on the Walgreens lease which expires May 31, 2019. Walgreens has operated at this location since 1994 and recently exercised a renewal option. This Walgreens store features a double drive thru and operates as a 24 hour location. 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 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Media Contact: Randy Blankstein
The Boulder Group