West Virginia Walgreens Sale Arranged Date December 10, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased West Virginia Walgreens property located at 1240 W Main St in Bridgeport, West Virginia for $5,830,000.
The 13,292 square foot West Virginia Walgreens benefits from its hard corner location in a thriving retail corridor. National retailers in the immediate area include Home Depot, Sam’s Club, Walmart Supercenter, Lowe’s, Kohl’s, Kroger and numerous banks, restaurants and hotels. Meadowbrook Mall, an 849,206 square feet regional shopping mall anchored by JCPenney and Target, is located just north along Interstate 79. Additionally, the property is located near Bridgeport High School (724 students) which drives additional traffic to the trade corridor. Bridgeport is located conveniently in North Central West Virginia, two hours north of the State Capital, Charleston, and two hours south of Pittsburgh, PA. The average household income within three miles of the property is $71,738.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a West Coast based REIT. The buyer was a private investor in a 1031 tax exchange.
The Walgreens lease expires January 31, 2036 and features five 10-year renewal option periods. There are rare rental escalations in the renewal options. 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 $63 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 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 $5 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