The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 132 Richmond St in Painesville, Ohio for $2,570,000.<\/p>\n
The 15,048 square foot Walgreens benefits from its location at the corner of a signalized intersection. The property is also ideally positioned just off of Lakeland Fwy (41,280 VPD) which connects Painesville to Cleveland. The property is located in a retail corridor with PNC, CVS, Dunkin Donuts, McDonald\u2019s and Taco Bell. The Walgreens property is also near Riverside High School (1,745 students) which drives continual traffic to the trade corridor. There are over 75,000 people living within five miles of the property with an average household income of $81,854.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private real estate company based in the northeast.\u00a0 The buyer was a west coast based real estate investor.<\/p>\n
The Walgreens lease expires February 28, 2028 and features eight 5-year renewal option periods. 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 $39 billion. Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment grade rated each 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 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties with long proven operating histories continue to be in demand with all investor classes.\u201d<\/p>\n