Net Leased Pick ‘n Save Property Sale Arranged Date June 11, 2018
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 2538 Ironwood Drive in Sun Prairie, Wisconsin for $12,263,904.
The 59,000 square foot Pick n’ Save grocery store featured a Kroger guarantee which was attractive to the purchaser. The Pick n’ Save grocery store is well positioned along two primary thoroughfares in Sun Prairie. Sun Prairie is located approximately 10 miles north-east of Madison. Other retailers in the immediate area include Walgreens, US Bank, Target and Walmart Supercenter.
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 9 years remaining on the lease which expires December 31, 2027. 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.
“Midwest net lease grocery properties remain highly sought after by single tenant inverstors” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior 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 2011-2017, 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