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Iowa net lease

Iowa Net Lease Walgreens Sale Arranged

Date February 1, 2021

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Iowa net lease Walgreens property located at 2719 Grand Avenue in Ames, Iowa for $5,100,000.

The 14,820 square foot  Iowa net lease Walgreens benefits from its location along Grand Avenue (13,900+ VPD) which is a primary north/ south thoroughfare. The property is well positioned in a dominant retail corridor known as North Grand Mall with tenants such as Kohls, T.J. Maxx, JCPenney, Bed Bath & Beyond, Shoe Carnival, GNC, and rue 21. Additionally, the Walgreens property is located in close proximity to Iowa State University which has over 40,000 students enrolled. The property is also within the Davenport MSA. There are over 72,400 people living within five miles of the property earning an average household income of $69,348.

The Walgreens lease has over 13 years remaining on the primary term with ten 5-year renewal options. The lease is also corporately guaranteed by Walgreens. The Walgreen Company is the largest drug retailing chain in the United States. Walgreens is an investment grade rated company (S&P: BBB).

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a Midwest based real estate firm. The buyer in this transaction was a west coast based real estate firm.

“Walgreens properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant drug store properties with more than 10 years remaining on their primary term continue to trade regularly.”

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 $6 billion of single tenant net lease real estate transactions. From 2012-2020, 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.com