The Boulder Group Arranges Sale of a $68.7 million Walgreens Portfolio (9 Properties) on the East Coast
Northbrook, IL – June 13, 2012 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens portfolio consisting of nine properties located on the east coast for $68,700,000. The properties are located in Connecticut, Massachusetts, New Hampshire and New Jersey.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investment company, in the transaction. The buyer, a Midwest based institutional investment firm, was represented in-house.
The portfolio included the following Walgreens properties:
1. 980 Farmington Avenue in Berlin, CT (Hartford MSA)
2. 1036 West Main Street in Branford, CT
3. 880 North Montello Street in Brockton, MA (Boston MSA)
4. 1 Glenwood Avenue in Dover, NH
5. 17 Crystal Avenue in Derry, NH
6. 897 Main Street in Melrose, MA (Boston MSA)
7. 20 West Kings Highway in Mount Ephraim, NJ (Philadelphia MSA)
8. 1131 US Highway 46 in Ledgewood, NJ (New York MSA)
9. 500 Egg Harbor Road in Sewell, NJ (Philadelphia MSA)
The Boulder Group generated multiple offers for this portfolio due to the high demand for core net leased properties combined with the long term Walgreens leases. This portfolio attracted an abundance of investors as this was a rare opportunity to purchase a highly concentrated portfolio in one region leased to an investment grade tenant. The majority of the interest was among high net worth individuals, international investors, 1031 exchange trade buyers, and institutions. Ultimately an institutional investor was the most aggressive bidder as the portfolio provided an ideal acquisition for their existing criteria.
“This portfolio represented a rare opportunity for an investor to acquire a large portfolio of long term triple net leased Walgreens properties and we were able to achieve a sale price within one percent of the asking price.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Walgreens properties with over 20 years of lease term are one of the most sought after assets in the single tenant net lease market, and we had strong demand for this portfolio.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.3 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
Media Contact:
Randy Blankstein
The Boulder Group
847-562-0003
