Single Tenant Shopko Hometown Property Sold Date July 23, 2018
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Shopko Hometown property located at 406 Gateway Avenue in Mauston, Wisconsin for $3,600,000.
The 26,395 square foot building was constructed in 2015 and is strategically located off of the signalized intersection of Gateway Avenue and Union Street. The intersection experiences a combined traffic count of 29,100 vehicles per day. The property is also less than one-half mile from Interstate 90 with interchangeable access. Interstate 90 experiences traffic counts in excess of 26,900 vehicles per day.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a real estate institution in the Midwest. The buyer was a private based real estate investor in the Midwest. The buyer was able to obtain financing on the property.
There are over 12 years remaining on the Shopko Hometown lease that expires October 31, 2030. The lease features 3% rental escalations every five years and four 5-year renewal option periods. Shopko operates more than 360 stores in 24 states throughout the Central, Western and Pacific Northwest regions. The company was founded in 1962 and is headquartered in Green Bay, Wisconsin.
“Properties located in income tax free states, like South Dakota, increase financial incentives for investors buying single tenant properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.”
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