Boulder Group Completes IL Retail Deal
The buyer, an East Coast-based private investment group, paid $7.2 million for the net-leased Walgreens property. The transaction was a 1031 exchange.
By Roxana Baiceanu
Walgreens, Lakemoore, Ill.
The Boulder Group, a brokerage firm specializing in net-lease retail properties, closed on a new deal in Lakemoor, Ill. The 14,820-square-foot property is anchored by Walgreens and cost the buyer, an East Coast-based private investment group, $7.2 million. Boulder represented the seller, a Midwest-based investment firm, in the 1031 exchange.
“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, in prepared remarks. Blankstein and Jimmy Goodman, a partner with the firm, brokered the deal.
Highly-transited location
The retail facility is located at 28895 W. Highway 120 at the signalized intersection of Highway 120 and Darrell Road, where daily traffic volume surpasses 30,000 vehicles. The area features strong demographics. The average household income within a three-mile radius exceeds $97,000. The tenant has an absolute triple-net lease at the location, which expires in 21 years.
“All investor types continue to be attracted to Walgreens properties. However, investors in 1031 exchanges have been amongst the most successful in purchasing these properties,” said Goodman in a prepared statement.
Image courtesy of The Boulder Group
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