Single tenant Shopko Property Sale Arranged Date August 28, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Shopko Hometown property located at 702 Westview Lane in Stanley, North Dakota for $4,850,000.
The 26,004 square foot single tenant Shopko Hometown property is strategically located along Westview Lane with excellent visibility from U.S. Highway 2. U.S. Highway 2 is the primary east-west thoroughfare in the area. Shopko Hometown serves as the primary shopping destination for residents in the area with limited competition. Retailers in the immediate area include Tractor Supply, O’Reilly Auto Parts, NAPA Auto Parts, Cash Wise Foods and Holiday Gas.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate institution. The purchaser was a Southwest based real estate investment firm.
There are over 13 years remaining on the Shopko Hometown lease that expires November 30, 2030. The lease features 3% rental escalations every five years and four 5-year renewal option periods. Shopko operates more than 360 stores in 24 states throughout the Central, Western and Pacific Northwest regions. The company was founded in 1962 and is headquartered in Green Bay, Wisconsin.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.”
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