The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 28895 West Highway 120 in Lakemoor, Illinois for $7,250,000.<\/p>\n
The 14,820 square foot net leased Walgreens property is strategically positioned at the signalized intersection of Highway 120 and Darrell Road, creating constant traffic flow at the site.\u00a0 The signalized intersection of Highway 120 and Darrell Road experiences traffic volumes in excess of 30,000 vehicles per day. The property has curb cuts for access on both Highway 120 and Darrell Road. The average household income within a three mile radius of the property is in excess of $97,000 annually.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment firm.\u00a0 The buyer was an East Coast based private investment group in a 1031 Exchange.<\/p>\n
Walgreens has over 21 years remaining on the lease which expires in October 2038. This absolute triple net lease features no landlord responsibilities. Walgreens is an investment grade rated company with a Standard & Poor\u2019s rating of BBB.<\/p>\n
\u201cThe market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cAll investors types continue to be attracted to Walgreens properties, however investors in 1031 exchanges have been amongst the most successful in purchasing these properties.\u201d<\/p>\n