CHICAGO—Even though many types of single tenant net leasedproperties have attracted interest from investors, sending cap rates on a long-term plunge, name brand drugstores, especially Walgreens, draw more attention. The Boulder Group, a netleased investment brokerage firm in suburban Chicago, for example,has completed the sale of a portfolio of five Walgreens locatedthroughout the US for $39,011,803. The properties are located inMaine, Massachusetts, Minnesota, and South Carolina.
Randy Blankstein andJimmy Goodman of Boulder represented both thebuyer and seller in the transaction. The seller was a Midwest-basedprivate partnership and the purchaser was a Midwest-basedinstitutional investment firm.
“This portfolio represented a rareopportunity for an investor to acquire a large geographicallydiverse portfolio of long term triple net leased Walgreensproperties,” says Blankstein, president of Boulder. The majority ofthe interest was among international investors, 1031exchange trade buyers, and institutions.
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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.
