Northbrook, IL – January 19, 2012 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 1229 North Eastern Avenue in Moore, OK for $3,482,000.
Walgreens is the sole occupant of the 15,120 square foot retail building that was developed in 2001. The property is located on a 1.41 acre parcel at the southeast corner of 12th Street and Eastern Avenue in Moore, OK. Moore is located in the northwest portion of Cleveland County and located about 12 miles south of Oklahoma City. The property featured an attractive high yield for a net leased Walgreens asset combined with close proximity to Interstate 35 and a prime location on the hard corner of a signalized intersection in the Oklahoma City MSA.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Oklahoma developer, in the transaction. The buyer was a Midwest based high net worth individual.
Walgreens has ten years of lease term remaining on an original 20 year double net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A that has over 7,700 stores nationwide.
“The market for higher yielding net leased Walgreens remains active as investors are attracted to investment grade tenanted properties in locations that have strong renewal probability” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There has been a recent increase in demand for vintage Walgreens with strong sales allowing investors to achieve higher yields and diversify their net lease portfolios.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group
randy (at) bouldergroup (dot) com