The Boulder Group, a net lease investment brokerage firm, has completed the sale of a single tenant triple net lease Walgreens property located at 1180 Arcade Street in St. Paul, Minnesota for $6,500,000.<\/p>\n
The triple net lease Walgreens property is positioned on the southeast corner of Maryland Avenue E and State Route 61 (Arcade Street) in a densely populated residential area of St. Paul. This intersection experiences traffic counts in excess of 30,800 vehicles per day.\u00a0 The Walgreens is located within a mile of Interstate 35, with easy interchange access. Interstate 35 gives direct access to St. Paul and to Interstate 94 which connects St. Paul and Minneapolis.\u00a0 There are approximately 147,500 people living within a three mile radius of the property.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Northeast based real estate investor.\u00a0 The purchaser was a California based investor.<\/p>\n
Walgreens has over 16 years remaining on the lease which expires in December 2033. This absolute triple net lease features no landlord responsibilities and ten 5-year renewal option periods. Walgreens is an investment grade rated company with a Standard & Poor\u2019s rating of BBB.<\/p>\n
\u201cInvestors 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, \u201cNet lease properties with strong residual real estate value are highly sought after amongst the investment community.\u201d<\/p>\n
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