Net Leased Pick ‘n Save Property Sale Arranged Date August 11, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pick ‘n Save property located at 2518 West Washington Street in West Bend, Wisconsin for $18,186,840.
The 63,160 square foot net leased Pick ‘n Save grocery store was constructed in 2010 and features an on-site pharmacy. Pick ‘n Save has operated in the immediate area since 1984, demonstrating the tenant’s commitment to the location and successful operating history. The property is strategically located at the intersection of West Washington Street and Wildwood Road. West Washington Street is the primary east-west thoroughfare in the trade area. The property is just off of Highway 45, a major highway connecting West Bend to Milwaukee. Due to its proximity to Milwaukee, West Bend has access to all of the amenities and features of a large city while retaining the feel of a small town.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a Midwest real estate investment firm. The purchaser was a West Coast based real estate investment firm.
Pick ‘n Save has over 13 years remaining on the lease which expires December 31, 2030. The triple net lease has rental escalations in the primary term and each four 5-year renewal option. The lease also features a corporate guarantee from The Kroger Company showing their dedication to the location and comfort with the stores performance. Pick ‘n Save is the number one market share grocer in the Milwaukee MSA and is owned and operated by Roundy’s Supermarkets, Inc., a wholly owned subsidiary of The Kroger Company. There are more than 100 Pick ‘n Save stores servicing communities across Wisconsin.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties with ten or more years of lease term remaining” said Randy Blankstein, President of The Boulder Group. John Feeney, Vice President of The Boulder Group, added, “Properties with corporately guaranteed leases and rental escalations remain at the forefront of investor demand because they provide investors with an inflationary hedge.”
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.comBack