Northbrook, IL – March 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 3019 W Peterson Avenue in Chicago, IL for $9,250,000.
The Walgreens property is strategically positioned just off of the heavily trafficked signalized intersection of Peterson Avenue and Lincoln Avenue which experiences traffic volumes in excess of 68,000 vehicles per day. The immediate area is densely concentrated providing for high barriers to entry. There are approximately 55,000 people living within a one mile radius of the property. Additionally, there are over 955,000 people living within a five mile radius of the property earning average annual household incomes in excess of $77,000. The Walgreens property is centrally located in a retail corridor which features Home Depot, Ross Dress For Less, Office Depot, Bank of America, Fifth Third Bank, Chase Bank and many other national & local retailers.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a Midwest based private real estate investor and the purchaser was a 1031 Exchange investor based on the West Coast.
There are approximately 15 years remaining on the absolute triple net Walgreens lease which expires on October 31, 2030. This Walgreens location boasts exceptional reported store sales and operates as a 24-hour location. 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 $84 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