Net Lease Iowa Walgreens Property Sale Arranged Date December 17, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease Iowa Walgreens property located at 830 Middle Road in Bettendorf, IA for $5,806,452.
The 14,490 square foot net lease Iowa Walgreens benefits from its signalized hard corner location along Middle Road (21,987 VPD) which is a primary east west thoroughfare. It is also in close proximity to Interstate 74 (72,000+ VPD). The property is well positioned in a dominant retail corridor with tenants such as The Home Depot, Starbucks, Burlington, Pizza Ranch, Hobby Lobby, and Verizon. Additionally, the Walgreens property is located in close proximity to the Mississippi River which creates the Iowa/Illinois border. The property is also within the Davenport MSA. There are over 190,000 people living within five miles of the property with an average household income of $76,159.
The Walgreens lease has over 10 years remaining on the primary term. 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 John Feeney of The Boulder Group represented the seller in the transaction who was a Midwest based real estate investor. The buyer was a west coast based investment firm.
“Walgreens 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, “Single tenant drug store properties with more than 10 years remaining 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 2012-2019, 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