The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant \u00a0 Walgreens property located at 1703 Park Avenue in Muscatine, Iowa for $3,639,000.<\/p>\n
The 15,120 square foot single tenant Walgreens property is strategically located at the signalized intersection of Park Avenue and Harrison Street.\u00a0 Park Avenue is the primary north-south thoroughfare in the area. The property features multiple points of ingress and egress and is easily accessible in all directions.\u00a0 The Property is surrounded by a number of national retailers ranging from fast food restaurants such as McDonald\u2019s and Wendy\u2019s to shopping destinations like Hy-Vee and Younkers, consistently attracting customers to the area.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction; a Midwest based private real estate investor.\u00a0 The seller was a real estate investment trust.<\/p>\n
There are approximately 12 years remaining on the Walgreens lease which expires in July 2028. The lease features eight 5-year renewal option periods. 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 John Feeney, Vice President of The Boulder Group, added, \u201cNet lease properties with longstanding operating histories are highly sought after amongst the investment community.\u201d<\/p>\n