Boulder Arranges $17.6M Net-Lease Sale

NORTHBROOK, IL— In April, GlobeSt.com reported an increase in demand for single tenant net-leased properties and a fall in their cap rates to historic lows. And that appears to be having an impact in the Midwest. The Boulder Group, for example, a net-leased investment brokerage firm, has just completed the sale of a single tenant net-leased Shopko portfolio consisting of two Midwestern properties for $17,625,000. The stores are located at N66 W 25201 County Highway VV in Sussex, on the outskirts of Milwaukee, and 2320 Lineville Road in Green Bay.

Shopko and its affiliates run over 300 retail stores that sell clothes, products for the home and healthcare goods. They fully lease each 80,000-square-foot property on a long-term basis. Each lease has approximately 16 years remaining and also includes periodic rental escalations. Both properties sit on eight acres and were developed for Shopko in 2009.