(Wilmette, IL- September 21, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 3500 Central Ave in Lake Station, Indiana for $3,850,000.
The 14,490 square foot Walgreens is conveniently located just off Interstate 94 along a primary north-south thoroughfare. The property was built in 2002 and is on a large 1.75 acre parcel at the corner of a signalized intersection (30,000+ VPD). The Walgreens property is near Virgil Bailey Elementary School and Edison Junior Senior High School (620+ students) which drives additional traffic to the store. Additionally, there are over 50,000 people living within 3 miles of the property. Walgreens has approximately four years remaining on their lease which expires April 30, 2022 and features eight 5-year renewal options. The lease is absolute triple net with zero landlord responsibilities.
Randy Blankstein and John Feeney of The Boulder Group represented the seller and the buyer in the transaction. The seller was a California based partnership and the buyer was a Midwest based 1031 investor.
Walgreens lease expires April 30, 2022 and features eight 5-year renewal option periods. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.
“Walgreens drug store properties with proven operating histories continue to garner significant investor interest.” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Properties with strong real estate fundamentals continue to be in demand with all investor classes.”
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 2012-2017, 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