The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pick \u2018n Save property located at 2518 West Washington Street in West Bend, Wisconsin for $18,186,840.<\/p>\n
The 63,160 square foot net leased Pick \u2018n Save grocery store was constructed in 2010 and features an on-site pharmacy. Pick \u2018n Save has operated in the immediate area since 1984, demonstrating the tenant\u2019s commitment to the location and successful operating history. The property is strategically located at the intersection of West Washington Street and Wildwood Road. West Washington Street is the primary east-west thoroughfare in the trade area.\u00a0 The property is just off of Highway 45, a major highway connecting West Bend to Milwaukee.\u00a0 Due to its proximity to Milwaukee, West Bend has access to all of the amenities and features of a large city while retaining the feel of a small town.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a Midwest real estate investment firm.\u00a0 The purchaser was a West Coast based real estate investment firm.<\/p>\n
Pick \u2018n Save has over 13 years remaining on the lease which expires December 31, 2030.\u00a0 The triple net lease has rental escalations in the primary term and each four 5-year renewal option.\u00a0 The lease also features a corporate guarantee from The Kroger Company showing their dedication to the location and comfort with the stores performance.\u00a0 Pick \u2018n Save is the number one market share grocer in the Milwaukee MSA and is owned and operated by Roundy’s Supermarkets, Inc., a wholly owned subsidiary of The Kroger Company.\u00a0 There are more than 100 Pick \u2018n Save stores servicing communities across Wisconsin.<\/p>\n
\u201cThe Midwest net lease market remains strong for corporately guaranteed single tenant properties with ten or more years of lease term remaining\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Vice President of The Boulder Group, added, \u201cProperties with corporately guaranteed leases and rental escalations remain at the forefront of investor demand because they provide investors with an inflationary hedge.\u201d<\/p>\n