The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Shopko property located at 3415 Calumet Avenue in Manitowoc, Wisconsin for $10,124,000.<\/p>\n
The 87,905 square foot net lease Shopko property is strategically located at the signalized intersection of Calumet Avenue and 35th<\/sup> Street. Calumet Avenue is the primary east-west thoroughfare in the trade area.\u00a0 Retailers located in the immediate area include Walmart Supercenter, Lowe\u2019s Home Improvement, Hobby Lobby, Dollar Tree, Family Dollar, OfficeMax, Advance Auto Parts, Planet Fitness, Walgreens and a number of quick-service restaurants.<\/p>\n Randy Blankstein and Jimmy Goodman of The Boulder Group in conjunction with\u00a0David Macdonald of REMAX Preferred Commercial were the brokers involved in the transaction.<\/p>\n Shopko has approximately 19 years remaining on their lease which expires in December 2035.\u00a0 The absolute net lease features annual escalations and three 5-year renewal option periods.\u00a0 Shopko is a privately owned $3 billion retailer with 363 stores in 24 states.<\/p>\n \u201cThe Midwest net lease market remains strong for corporately guaranteed single tenant properties\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThere has been an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.\u201d<\/p>\n <\/p>\n