Triple Net Leased Pamida Property Sold by The Boulder Group
Northbrook, IL – July 1, 2011 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pamida property located at 1500 East Sheridan Street in Ely, MN for $2,650,000.
The 32,100 square foot property was developed in 2008. The property is located at the intersection of East Sheridan Street and North 15th Avenue in the town of Ely. The single tenant property is leased on a triple net basis to Pamida with seventeen years remaining on the primary lease term. Pamida is a regional retailer with more than 200 locations in 17 states specializing in groceries, general merchandise and pharmacy operations.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a partnership based in Minneapolis and the buyer was a 1031 exchange investor who purchased the property on an all cash basis.
“While the majority of single tenant investment activity is focused on core markets, we are starting to see some opportunistic investors pursue second and third tier markets” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchanges are occurring more frequently due to the increased amount of investment sales transactions for all property sectors.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in 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 participated in the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group