NNN Walgreens Single Tenant Property Sold Date February 2, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant NNN Walgreens property located at 3505 University Blvd W in Jacksonville, Florida for $5,150,000.
The 13,905 square foot NNN Walgreens is strategically located at the heavily trafficked signalized intersection of University Boulevard W and St. Augustine Road. University Boulevard W is the primary east-west thoroughfare in the trade area. Retailers located in the immediate area include Publix grocery store, TJ Maxx and LA Fitness. Additional retailers located in the surrounding trade area include Winn-Dixie, Restaurant Depot, Bank of America, AutoZone, Fifth Third Bank, McDonald’s, Whataburger and Dollar Tree.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a South based limited partnership. The buyer was an international investment company.
Walgreens is committed to this location as evidenced by their recent execution of a 10 year lease extension. The Walgreens lease expires August 31, 2026 and features eight 5-year renewal option periods. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.
“The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties in “income tax free states” continue to be in the great demand among private investors.”
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 2011-2016, 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