The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Indiana Walgreens property located at 3500 Central Ave in Lake Station, Indiana for $3,850,000.<\/p>\n
The 14,490 square foot Walgreens is conveniently located just off Interstate 94 along a primary north-south thoroughfare. The property was built in 2002 and is on a large 1.75 acre parcel at the corner of a signalized intersection (30,000+ VPD). The Walgreens property is near Virgil Bailey Elementary School and Edison Junior Senior High School (620+ students) which drives additional traffic to the store. Additionally, there are over 50,000 people living within 3 miles of the property. Walgreens has approximately four years remaining on their lease which expires April 30, 2022 and features eight 5-year renewal options. The lease is absolute triple net with zero landlord responsibilities.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller and the buyer in the transaction. The seller was a California based partnership and the buyer was a Midwest based 1031 investor.<\/p>\n
Walgreens lease expires April 30, 2022 and features eight 5-year renewal option periods. Walgreens is an investment grade rated company with a Standard & Poor\u2019s rating of BBB.<\/p>\n
\u201cWalgreens drug store properties with proven operating histories continue to garner significant investor interest.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cProperties with strong real estate fundamentals continue to be in demand with all investor classes.\u201d<\/p>\n