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@netlease
Register for the Net Lease Summit http://www.cvent.com/events/2nd-annual-net-lease-summit/event-summary-8f7161afc756477282d0bb6311e1f37e.aspx
(via Net Lease Cap Rates Stay at Historic Low - Daily News Article - GlobeSt.com)
Net Leased Properties for Sale
$250+ million of exclusively listed Net Leased
properties for sale by The Boulder Group
http://bouldergroup.com/NNN-Properties-For-Sale.html
Sale of Trophy Chicago Walgreens Property Sets Cap Rate Record
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Walgreens property located at 6121 North Broadway Street in Chicago, Illinois for $13,025,000. The property was sold at a 4.87% cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics.
Walgreens is the sole occupant of the 14,820 square foot retail building which was developed by Crossroads Development Partners in 2013. This brand new build-to-suit Walgreens replaces an older in-line store which was previously located on the site under a 35 year lease that was expiring in August 2015. Walgreens desired to stay at this location and benefit from a new prototype store. In the immediate vicinity, Crossroads Development Partners is currently developing a single tenant LA Fitness and a single tenant Physicians Immediate Care.
The property is located in a dense infill area of Chicago on the northeast corner of North Broadway Street and West Glenlake Avenue. There are two CTA (Chicago Transit Authority) “L” Train stops in close proximity to the property. Additionally, Loyola University is located within a few blocks of the property and there are over 358,000 people living within three miles.
“This project, which I began pursuing in 2004, is a success for all parties and is the result of a collaboration among many stakeholders including Walgreens, Mid-America Real Estate Corp., Alderman Harry Osterman and the Edgewater community.” said Michael Nortman, President of Crossroads Development Partners, LLC.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts based limited partnership in a 1031 exchange.
The Walgreens lease has over 24 years remaining with fifty years of renewal options. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $56 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,500 locations nationwide.
“The property’s superior infill location within a core market allowed The Boulder Group to achieve a historic cap rate for this sale” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor demand.”
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 $1.6 billion of single tenant net lease real estate transactions. From 2011-2013, 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.
http://www.bouldergroup.com
About Crossroads Development Partners
Crossroads Development Partners, LLC is a boutique commercial real estate investment, management, and development company with expertise in property operations, entitlements, construction management, financial underwriting, and development. Crossroads Development Partners is particularly focused on maintaining and creating value at the property level to maximize returns to stakeholders. The company’s hands-on approach to operating income-producing real estate differentiates Crossroads Development Partners from competitors. Crossroads currently has over $200,000,000 in various stages of development including retail, apartments and office properties located in Florida and Illinois.
http://www.xrdevelopment.com
Crossroads’ affiliated management company, SVN Crossroads Management, LLC managed the property and oversaw the construction. SVN Crossroads provides property management, asset management, construction management and owner’s representation and consulting services on a variety of commercial real estate assets throughout the Chicagoland area and in selected markets nationwide. Currently, the portfolio of assets under management is over 2 million square feet.
http://www.svncrossroads.com
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private Chicago based partnership. The buyer was an East Coast based institution.
Randy Blankstein, President of the Boulder Group, to Speak at Interface Net Lease Conference
Randy Blankstein, President of national net lease advisory firm The Boulder Group, will be a featured speaker at the Interface Net Lease Conference in New York on September 11th, 2012. His panel will be discussing if the net lease investment market will continue to experience cap rate compression.
The Interface Net Lease conference will cover investment and financing trends and discuss market conditions in the NNN and sale leaseback space. The conference will also focus on the development pipeline for new NNN deals, bring together a group of retailers to offer a tenant's perspective on the market, and offer informal roundtable discussions on special niche topics in the net lease market.
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 $1.4 billion of net lease real estate transactions through several real estate cycles. The firm’s website is www.bouldergroup.com
The Boulder Group Arranges Sale of a $68.7 million single tenant Walgreens Portfolio
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens portfolio consisting of nine properties located on the east coast for $68,700,000. The properties are located in Connecticut, Massachusetts, New Hampshire and New Jersey.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investment company, in the transaction. The buyer, a Midwest based institutional investment firm, was represented in-house.
The portfolio included the following Walgreens properties:
1. 980 Farmington Avenue in Berlin, CT (Hartford MSA)
2. 1036 West Main Street in Branford, CT
3. 880 North Montello Street in Brockton, MA (Boston MSA)
4. 1 Glenwood Avenue in Dover, NH
5. 17 Crystal Avenue in Derry, NH
6. 897 Main Street in Melrose, MA (Boston MSA)
7. 20 West Kings Highway in Mount Ephraim, NJ (Philadelphia MSA)
8. 1131 US Highway 46 in Ledgewood, NJ (New York MSA)
9. 500 Egg Harbor Road in Sewell, NJ (Philadelphia MSA)
The Boulder Group generated multiple offers for this portfolio due to the high demand for core net leased properties combined with the long term Walgreens leases. This portfolio attracted an abundance of investors as this was a rare opportunity to purchase a highly concentrated portfolio in one region leased to an investment grade tenant. The majority of the interest was among high net worth individuals, international investors, 1031 exchange trade buyers, and institutions. Ultimately an institutional investor was the most aggressive bidder as the portfolio provided an ideal acquisition for their existing criteria.
“This portfolio represented a rare opportunity for an investor to acquire a large portfolio of long term triple net leased Walgreens properties and we were able to achieve a sale price within one percent of the asking price.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Walgreens properties with over 20 years of lease term are one of the most sought after assets in the single tenant net lease market, and we had strong demand for this portfolio.”
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 $1.4 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
Randy Blankstein, President of the Boulder Group, to Speak at ICSC Net Lease Panel
Randy Blankstein, President of national net lease advisory firm The Boulder Group, will be a featured speaker at the ICSC Net Lease Property Panel in Las Vegas on May 20th, 2012. His panel will be discussing Institutional Net Lease Assets.
The panel description is as follows: Single tenant, net leased properties have always been a large part of the shopping center community as ancillary income for landlords in order to take advantage of outparcels or excess land. However, this niche property type is currently one of the nation’s most appealing investments, real estate or otherwise, as its fundamental simplicity has been acknowledged by tenants, developers, brokers, private investors as well as institutional owners. No longer do professionals deem single tenant assets to be a fringe investment as an entire industry has been focused on this property type for decades. The audience of these panel discussions, the first of their kind at RECON, will be able to hear from today’s foremost authorities on tenant trends, developer issues and investor demand.
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 firm’s website is www.bouldergroup.com
The Boulder Group Named Exclusive Advisor for Net Leased Allstate Property Sale
The Boulder Group, a national net lease investment brokerage firm, has been named the exclusive advisor for the sale of a single tenant net leased office building solely occupied by Allstate at 9022 Heritage Parkway in Woodridge, Illinois.
The investment sales team will be led by Boulder Group President Randy Blankstein and partner Jimmy Goodman who are marketing the property on behalf of a Midwest based private fund. The property is listed for sale with an asking price of $18,218,000
The 94,243 square foot Allstate office building was built in 2002 when Allstate consolidated five locations into this property. The property is benefitted by its strategic location along Interstate 55, with visibility from the interstate. The property was originally a build to suit project for Allstate and the tenant has recently extended its lease for over six years. Allstate is a publicly traded company on the New York Stock Exchange (ALL), with a market capitalization of $14 Billion. Allstate is an investment grade rated company with a Standard & Poor’s rating of A- and is currently ranked #89 on the “Fortune 500”.
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 firm’s website is www.bouldergroup.com
The Boulder Group Arranges Sale of an Advance Auto Parts Property in Walker, Michigan (Grand Rapids MSA)
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advance Auto Parts property located at 4250 Lake Michigan Drive in Walker, MI for $1,385,000.
Advance Auto Parts is the sole occupant of the 7,920 square foot retail building that was renovated in 2011. The property is located on a one acre land parcel within close proximity to a Meijer in Walker, MI. Walker is located in the northwest portion of the Grand Rapids MSA. Grand Rapids is the second largest city in Michigan and has a combined MSA population of over 1.3 million. The property featured a newly renovated building, for Advance Auto Parts, combined with a long term lease in a prime location.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction; the buyer, a Midwest institutional investor and the seller was a private Ohio based company.
Advance Auto Parts has a fifteen year lease term with a double net lease structure. Advance Auto Parts is a publicly traded company on the New York Stock Exchange (AAP), with a market capitalization of $4 Billion. Advance Auto Parts is an investment grade rated company with a Standard & Poor’s rating of BBB- that has over 3,500 stores nationwide.
“The market for net leased Advance Auto Parts properties remains active as investors are attracted to investment grade tenanted properties at this price point” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is a limited supply of newly leased properties for investors seeking investment grade companies, which is a primary factor to cap rate stabilization in the net lease market.”
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 Publishes 4th Quarter Net Lease Market Research Report
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 4th quarter activity in the National Net Lease Market.
Highlights from the report are as follows:
Net lease property cap rates compressed across the board
The majority of net lease investors surveyed believe volume will be up at least 5% this year
Drugstore, Bank and Ground Leased properties remain sought after assets
The supply of net leased assets continues to increase
The full report can be viewed online at http://www.bouldergroup.com/research.html
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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com
Triple Net Leased Walgreens Sold by The Boulder Group
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 2903 North Highway 17 in Mount Pleasant, SC for $7,375,000.
Walgreens is the sole occupant of the 14,500 square foot retail building that was developed in 2011. The property is located at the northwest corner of Highway 17 and Highway 41 in Mount Pleasant, SC in the eastern suburbs of the Charleston MSA. Mount Pleasant is an affluent suburb of Charleston and average household incomes within three miles of this property are $124,000. The property features a newly constructed Walgreens that combines zero landlord responsibilities with a new twenty-five year lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer; a 1031 exchange investor based in Chicago, in the transaction. The seller was a southeast based developer.
Walgreens has twenty five years of lease term remaining on triple 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 newly constructed Walgreens remains active as investors remain focused on long term leased investment grade tenanted properties.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchange investors continue to pay a premium for single tenant Walgreens properties as they are considered one of the most stable single tenant real estate investment options. “
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 Completes Sale of Single Tenant Net Leased Walgreens Property in Cedar Rapids, Iowa
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 3325 16th Avenue Southwest in Cedar Rapids, IA for $4,178,500.
The 13,905 square foot Walgreens was built in 1999. The property is leased to Walgreens on a net leased basis for eight more years of primary lease term. Store sales at the location continue to remain strong.
Cedar Rapids is the second largest city in Iowa and the property is located in the western portion of the city. Cedar Rapids is an economic hub of the state and was recently ranked 11th by Forbes as “The Best Places for Business and Careers” in June 2011. Rockwell Collins, Inc. is the largest private employer in Cedar Rapids and provides employment for 8,700 residents.
The property is located on the corner of Edgewood Road and 16th Avenue, with traffic counts of over 30,000 vehicles per day. The subject property is benefitted by a traffic signal on the hard corner which creates constant traffic flow at the property. The property also has curb cuts for northbound Edgewood Road traffic as well as for eastbound 16th Avenue traffic. The property is located just north of a regional mall. The Westdale Mall is anchored by Younkers and JC Penney. Other retailers less than one mile from the property include Wal-Mart Supercenter, Target, Menards, K-Mart and Gander Mountain.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami based high net worth Individual investor.
“The market for vintage net leased Walgreens remains active as investors are attracted to older properties that have a proven sales history” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors are seeking to diversify their single tenant portfolios with older investment grade leased assets to achieve higher yields than newly constructed properties.
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
Net Lease Advisory Firm The Boulder Group Now on Google Plus
Single tenant net lease property brokerage firm The Boulder Group is now on Google Plus. For more information please visit the page at https://plus.google.com/113448284679510865826
The Boulder Group Named Exclusive Advisor for Triple Net Leased Bank of America Sale
The Boulder Group, a national single tenant net lease investment brokerage firm, has been named the exclusive advisor for the sale of a Bank of America property at 3010 South Kedzie Avenue in Chicago, Illinois.
The investment sales team will be led by Boulder Group President Randy Blankstein and partner Jimmy Goodman who are marketing the property on behalf of a Midwest based developer. The property is listed for sale with an asking price of $3,979,817 The property is located on the hard corner of the intersection of South Kedzie and West 30th Street. The site benefits from steady traffic flow along Kedzie Avenue with approximately 18,000 vehicles per day passing the site daily. Less than three-quarters of a mile away from the property is the Interstate 55 interchange. Interstate 55 has traffic volumes of 191,000 vehicles per day and is the primary traffic way connecting the southwest suburbs with downtown Chicago. Nearby retailers to the Bank of America property include Subway, Dunkin Donuts and Baskin-Robbins. There is also a Chicago Transit Authority bus stop location on the corner of 30th Street and Kedzie Avenue directly across from the property.
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 firm’s website is www.bouldergroup.com
The Boulder Group Awarded Disposition Of A Portfolio of Nine Walgreens Properties Valued at $70 Million on the East Coast
The Boulder Group Awarded Disposition Of
A Portfolio of Nine Walgreens Properties Valued at $70 Million on the East Coast
The Boulder Group, a national single tenant net lease investment brokerage firm, has been selected as the exclusive advisor for the sale of a Walgreens portfolio consisting of nine properties located on the east coast. The properties are located in Connecticut, Massachusetts, New Hampshire and New Jersey.
The investment sales team will be led by Randy Blankstein and Jimmy Goodman of The Boulder Group who are marketing the portfolio on behalf of a private investment company. The portfolio is listed for sale with an asking price of $70 million. The properties are all leased to Walgreens on a long term basis and will only be sold as a portfolio. The portfolio includes the following Walgreen’s properties:
1. 980 Farmington Avenue in Berlin, CT (Hartford MSA)
2. 1036 West Main Street in Branford, CT
3. 880 North Montello Street in Brockton, MA (Boston MSA)
4. 1 Glenwood Avenue in Dover, NH
5. 17 Crystal Avenue in Derry, NH
6. 897 Main Street in Melrose, MA (Boston MSA)
7. 20 West Kings Highway in Mount Ephraim, NJ (Philadelphia MSA)
8. 1131 US Highway 46 in Ledgewood, NJ (New York MSA)
9. 500 Egg Harbor Road in Sewell, NJ (Philadelphia MSA)
“This portfolio represents a rare opportunity for an investor to acquire a large portfolio of long term triple net leased Walgreens properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Walgreens properties with over 20 year lease terms are one of the most sought after assets in the single tenant net lease market, and we anticipate strong demand for this portfolio.”
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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. More information on the firm can be found at www.bouldergroup.com