CHICAGO- The Boulder Group, an investment brokerage firm located in suburban Chicago, announced last week that they had completed the sale of a net-leased Walgreens property at 9290 Wicker Ave. in St. John, Indiana, about 24 miles southeast of Chicago, for $3,530,864.
The 13,905-square-foot Walgreens was built in 1997 and abuts a heavily-trafficked thoroughfare and the hard corner of a signalized intersection. Boulder estimates that more than 31,000 vehicles per day drive through this section of Wicker Ave. A Target store, the primary regional retailer in the area, sits just south of the Walgreens. Other nearby retailers include Tractor Supply, Aldi, Strack & Van Til Food Market, Starbucks, Chase Bank and Fifth Third Bank.
Residents living within three miles of the property have an average household income of more than $85,000. Walgreens leases the building on a net-lease basis with approximately five years of lease-term remaining on an original twenty-year net-lease.
Randy Blankstein and Jimmy Goodman, Boulder's president and partner, respectively, represented the seller in the transaction; a Midwest-based developer. The buyer was a private net-leased investment fund and was self-represented.
“The market for net-leased Walgreens with shorter term-leases and strong sales remains active as investors are attracted to the higher yield these assets generate,” says Blankstein. “Core market single tenant assets with solid real estate fundamentals,” Goodman adds, “continue to be in the greatest demand.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
