Net Lease Iowa Walgreens Sale Arranged Date June 8, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 830 Middle Road in Bettendorf, Iowa for $4,675,000.
The 14,490 square foot net lease Iowa Walgreens is positioned at signalized intersection of Middle Road and Kimberly Road. The property is located near a number of national retailers such as Home Depot, Hobby Lobby, Hilton Garden Inn, Schnucks and numerous quick service restaurants. The property is also located within close proximity to multiple residential communities, local businesses, and schools. There are over 75,239 people living within a three mile radius of the property with an average annual household income in excess of $56,704.
Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction; a Midwest based 1031 investor. The seller was a Northeast based real estate fund.
Walgreens has over 5 years remaining on their lease which expires December 31, 2023 and features ten 5-year renewal option periods. Walgreens is an investment grade rated company 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. John Feeney, Senior Vice President of The Boulder Group, added, “Properties with strong real estate fundamentals continue to be in demand with all investor classes.”
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 2012-2017, 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.comBack