Net Lease Piggly Wiggly Sale Arranged Date December 11, 2019
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease Piggly Wiggly property located at 2243 Calumet Dr, New Holstein, Wisconsin for $2,275,000.
The 29,651 square foot net lease Piggly Wiggly property is well located along Calment Drive which is the primary north-south thoroughfare in the region. Piggly Wiggly has limited competition and is the only grocery store in region with the nearest grocery store being over five miles away. The property is in close proximity to New Holstein High School which drives continual traffic to the corridor. New Holstein is one of Wisconsin’s most convenient communities as it is situated within a 30 mile radius of Manitowoc, Sheboygan, Fond du Lac and Appleton. There are over eight years remaining on the absolute triple net lease. Additionally, there is a rental escalation in 2023 and three 5-year renewal options. This is a strong location evidenced by the store’s new 15 year lease extension signed in 2012.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller is a Wisconsin based partnership and the buyer is a Midwest based individual in a 1031 exchange.
Piggly Wiggly is an American supermarket chain operating in the Southern and Midwestern regions of the United States. There are 530 independently owned Piggly Wiggly stores in 17 states, primarily in smaller cities and towns. The lease is guaranteed from Piggly Wiggly Midwest LLC (Estimated $1.46 billion in revenue).
“The market for standalone grocery properties remains active due to their built-in customer base,” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “The market for net lease assets with low rental rates remains strong.”
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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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