Net Leased Walgreens Property Sale Arranged Date September 14, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 28895 West Highway 120 in Lakemoor, Illinois for $7,250,000.
The 14,820 square foot net leased Walgreens property is strategically positioned at the signalized intersection of Highway 120 and Darrell Road, creating constant traffic flow at the site. The signalized intersection of Highway 120 and Darrell Road experiences traffic volumes in excess of 30,000 vehicles per day. The property has curb cuts for access on both Highway 120 and Darrell Road. The average household income within a three mile radius of the property is in excess of $97,000 annually.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment firm. The buyer was an East Coast based private investment group in a 1031 Exchange.
Walgreens has over 21 years remaining on the lease which expires in October 2038. This absolute triple net lease features no landlord responsibilities. 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. Jimmy Goodman, Partner of The Boulder Group, added, “All investors types continue to be attracted to Walgreens properties, however investors in 1031 exchanges have been amongst the most successful in purchasing these properties.”
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