Northbrook, IL- January 5, 2017 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 1703 Park Avenue in Muscatine, Iowa for $3,639,000.
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The 15,120 square foot Walgreens property is strategically located at the signalized intersection of Park Avenue and Harrison Street. Park Avenue is the primary north-south thoroughfare in the area. The property features multiple points of ingress and egress and is easily accessible in all directions. The Property is surrounded by a number of national retailers ranging from fast food restaurants such as McDonald’s and Wendy’s to shopping destinations like Hy-Vee and Younkers, consistently attracting customers to the area.
Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction; a Midwest based private real estate investor. The seller was a real estate investment trust.
There are approximately 12 years remaining on the Walgreens lease which expires in July 2028. The lease features eight 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. John Feeney, Vice President of The Boulder Group, added, “Net lease properties with longstanding operating histories 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 $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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