Northbrook, IL – April 17, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant triple net leased Walgreens property located at the southwest corner of 95th Street and Southwest Highway in Oak Lawn, Illinois for $10,700,000.
The 61,909 square foot new construction Walgreens property replaces a previously successful Walgreens store that lacked a drive-thru. The property is benefitted by its location just off of the prime signalized intersection of West 95th Street and Southwest Highway, which experiences traffic counts in excess of 71,000 vehicles per day. The surrounding area is densely concentrated providing high barriers to entry. There are approximately 400,000 people living within a five mile radius of the property. The Walgreens is located approximately five miles south of Chicago Midway International Airport. Chicago Ridge Mall, an 833,000 square foot shopping mall that is anchored by Carson Pirie Scott, Kohl’s, AMC Theatres, and Sears is located approximately three-quarters of a mile to the west of the Walgreens property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest based developer and the buyer was a Northeast based family office.
The Walgreens lease is for twenty years and features eleven 5-year renewal option periods. The brand new construction Walgreens property is a relocation of a previously successful Walgreens store that did not have a drive thru. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB.
“The market for Walgreens properties remains active as 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, “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 $2.1 billion of single tenant net lease real estate transactions. From 2010-2014, 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. www.bouldergroup.com
The Boulder Group
randy (at) bouldergroup (dot) com