Feb. 27, 2013
-- )- The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a ground leased Walgreens property located at 3136 West 55th Street, Chicago, Illinois for $1,145,069.
The property is located approximately nine miles southwest of downtown Chicago and less than three miles from Midway International Airport. The ground lease is located at the heavily trafficked intersection of 55th Street and Kedzie Avenue. This intersection experiences traffic volumes in excess of 53,000 vehicles per day. 55th Street is the primary east-west thoroughfare in the area. The property is located in a dense area of Chicago with over 870,000 people living within five miles of the property. The property is ground leased on an absolute net basis to Walgreens with thirteen years of lease term remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction;
a Midwest based development company. The buyer was a high net worth investor based in Chicago.
Walgreens has approximately thirteen years of lease term remaining on a triple net ground lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $36 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.
“The market for net leased Walgreens in Chicago and other core markets remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Ground leased properties remain popular for net lease investors as they offer a secure investment that combines a low price point with zero landlord responsibilities.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.4 billion of single tenant net lease real estate transactions. In 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com