Northbrook, IL- March 2, 2017 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Shopko property located at 3415 Calumet Avenue in Manitowoc, Wisconsin for $10,124,000.
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The 87,905 square foot Shopko property is strategically located at the signalized intersection of Calumet Avenue and 35th Street. Calumet Avenue is the primary east-west thoroughfare in the trade area. Retailers located in the immediate area include Walmart Supercenter, Lowe’s Home Improvement, Hobby Lobby, Dollar Tree, Family Dollar, OfficeMax, Advance Auto Parts, Planet Fitness, Walgreens and a number of quick-service restaurants.
Randy Blankstein and Jimmy Goodman of The Boulder Group in conjunction with David Macdonald of REMAX Preferred Commercial were the brokers involved in the transaction.
Shopko has approximately 19 years remaining on their lease which expires in December 2035. The absolute net lease features annual escalations and three 5-year renewal option periods. Shopko is a privately owned $3 billion retailer with 363 stores in 24 states.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There has been an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, 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
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