Northbrook, IL – May 20, 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 2001 Milwaukee Avenue in Chicago, IL for $11,275,000.
The Bucktown Walgreens property is positioned at the heavily trafficked signalized intersection of Milwaukee Avenue and Armitage Avenue which experiences traffic counts in excess of 30,000 vehicles per day. The property is located just west of Western Avenue which is the primary north-south thoroughfare in the immediate trade area. The surrounding area is densely concentrated providing significant barriers to entry. The Western CTA Blue Line “L” Station is located one block south of the Walgreens and experiences over 1,500,000 rail entries per year. Additionally, the Bloomingdale Trail, also known as “The 606”, substantially enhanced the property and the surrounding area. The Bloomingdale Trail is an elevated multi-use recreational trail and park that was completed in 2015 and is a popular attraction for walkers, runners, and bikers. The trail is located just south of the Walgreens property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private real estate investor. The purchaser was a local private investor in a 1031 Exchange.
There are over 15 years remaining on the Walgreens lease which expires December 31, 2031. The absolute triple net lease features no landlord responsibilities. This Walgreens location has exceptional reported store sales. Walgreens is a wholly owned subsidiary of Walgreens Boots Alliance, Inc. which is an investment grade rated company (S&P: BBB) with a market capitalization in excess of $85 billion.
“Established properties with proven operating histories continue to garner significant investor interest.” 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 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