(Wilmette, IL- March 20, 2019) — (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 159 E Grand Avenue in Hot Springs, Arkansas for $1,666,567.
The 13,310 square foot Walgreens is strategically positioned on the northwest corner of Grand Avenue and Malvern Avenue, two primary thoroughfares in Hot Springs. The intersection experiences traffic counts in excess of 38,000 vehicles per day. Walgreens serves as a primary pharmacy and convenience shopping destination for residents in the area with limited competition. Retailers located in the immediate area include McDonald’s, Domino’s, CashSaver, Family Dollar, Taco Bell and Popeye’s Louisiana Kitchen. The subject property is also located within close proximity to multiple residential communities, local businesses and schools. There are over 46,200 people living within a five mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The seller was a private partnership and the buyer was Texas based fund.
The Walgreens lease expires December 31, 2024 and features six 5-year renewal option periods. The property had a new roof installed in late 2008 and the parking lot was resurfaced in 2009. Walgreens extended their lease in 2011 & 2018 showing they are committed to the location. Walgreens is publicly traded on the Nasdaq Stock Market (symbol: WBA) with a market capitalization in excess of $88 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each 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. Jimmy Goodman, Partner of The Boulder Group, added, “Properties with low rents per square foot are becoming in greater 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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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
The Boulder Group