The Boulder Group, a net lease investment brokerage firm, has completed the sale of a single tenant net lease Walgreens property located at 1180 Arcade Street in St. Paul, Minnesota for $6,500,000.
The 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. 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. There are approximately 147,500 people living within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Northeast based real estate investor. The purchaser was a California based investor.
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’s rating of BBB.
“Investors are attracted to investment grade rated companies with long term leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net lease properties with strong residual real estate value are highly sought after amongst the investment community.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States