The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant \u00a0Shopko Hometown property located at 702 Westview Lane in Stanley, North Dakota for $4,850,000.<\/p>\n
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.\u00a0 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\u2019Reilly Auto Parts, NAPA Auto Parts, Cash Wise Foods and Holiday Gas.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate institution.\u00a0 The purchaser was a Southwest based real estate investment firm.<\/p>\n
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.<\/p>\n
\u201cThe Midwest net lease market remains strong for corporately guaranteed single tenant properties\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThere is an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.\u201d<\/p>\n