Northbrook, IL – March 16, 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 2201 N Heritage Street in Kinston, North Carolina for $5,400,000.
The 14,820 square foot Walgreens is located along North Heritage Street with access to Plaza Boulevard. Plaza Boulevard is a primary east-west thoroughfare in the trade area. The property is located directly across the street from a Piggly Wiggly grocery anchored center. Additional retailers located in the immediate trade area include Food Lion, Wells Fargo Bank, PNC Bank, BB&T Bank, Big Lots, Family Dollar and Dollar General. The Walgreens is benefitted by its proximity to Lenoir Memorial Hospital which has over 261 beds and over 100 physicians.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private equity real estate investment firm based in the Midwest. The purchaser was a Chicago based real estate investor in a 1031 Exchange.
There are over fifteen years remaining on the Walgreens lease which expires in September 2031. The absolute triple net lease features ten 5-year renewal option periods. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.
“The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner 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