Blankstein and Goodman of The Boulder Group rep seller in $7.5 million sale

The Boulder Group has completed the sale of a triple net leased Walgreens property located at 2345 West 103rd St. for $7.5 million. The 13,650 s/f Walgreens was built in 2004. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based partnership, in the transaction. The buyer was a west coast based institution and was self-represented. The building is situated along a heavily trafficked thoroughfare in a dense infill area of Chicago. The property is located in a primary retail trade area near retailers Wal-Mart, Sam's Club, Carson Pirie Scott and Aldi. The building is leased to Walgreens on a net lease basis with 17 years of lease term remaining and is located on a hard corner of a signalized intersection. Walgreens is an investment grade rated company with a Standard & Poor's rating of BBB and has over 8,200 stores nationwide. Walgreens has seventeen years of lease term remaining on an original 25 year triple net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $30 Billion. Walgreens is an investment grade rated company with a Standard & Poor's rating of BBB and has over 8,200 stores nationwide. "The market for net leased Walgreens remains strong as investors are attracted to investment grade tenanted properties with long term leases." said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand."