HOLDEN BEACH, NC.-A Walgreen’s building has traded for $4.4 million in a small beach town halfway between Wilmington, NC and Myrtle Beach, SC. Walgreen’s has 24 years left on the lease.
The Boulder Group, a net leased investment brokerage firm in Northbrook, IL, brokered the sale. Boulder Group’s Randy Blankstein and Jimmy Goodman represented the buyer and seller in the transaction. The seller was an unidentified North Carolina developer. The purchaser was a Chicago-based private investor in a 1033 exchange.
“This property was never listed on the market,” Goodman, a partner at The Boulder Group, tells GlobeSt.com. “The buyer had a property condemned and needed to place they money he received. The sale shows how desirable investment grade rated single tenant properties are in today’s triple net market.”
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