Cleveland MSA Walgreens Property Sale Arranged Date June 8, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 132 Richmond St in Painesville, Ohio for $2,570,000.
The 15,048 square foot Walgreens benefits from its location at the corner of a signalized intersection. The property is also ideally positioned just off of Lakeland Fwy (41,280 VPD) which connects Painesville to Cleveland. The property is located in a retail corridor with PNC, CVS, Dunkin Donuts, McDonald’s and Taco Bell. The Walgreens property is also near Riverside High School (1,745 students) which drives continual traffic to the trade corridor. There are over 75,000 people living within five miles of the property with an average household income of $81,854.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private real estate company based in the northeast. The buyer was a west coast based real estate investor.
The Walgreens lease expires February 28, 2028 and features eight 5-year renewal option periods. Walgreens is the largest drug retailing chain in the United States and has over 8,175 locations in the U.S.A. Walgreens is publicly traded on the New York Stock Exchange (WBA) with a market capitalization in excess of $39 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each 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 long proven operating histories 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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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