Net Leased Walgreens Sale Arranged in Illinois Date August 8, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 1680 West Lane Road in Machesney Park, Illinois for $5,225,000.
The Walgreens property is situated at the northwest corner of West Lane Road (Route 173) and Forest Hills Road, a heavily trafficked intersection with over 28,000 vehicles passing daily. The Property is located in a dominant retail corridor with over 500,000 square feet of retail and includes national tenants such as Home Depot, Target, Menards, Meijer, Lowe’s, T.J. Maxx and AMC among many others.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Midwest-based 1031 investor. The seller was a West Coast based REIT.
Walgreens has over 15 years remaining on their lease which expires August 31, 2033. The lease is absolute triple net with zero landlord responsibilities. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.
“Walgreens drug store 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, “Properties with strong real estate fundamentals continue to be in demand with all investor classes.”
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