Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 4061 NY-104 in Williamson, New York for $4,836,000.
The 14,690 square foot Walgreens benefits from its hard corner location along NY State Route 104 (14,875 VPD) which is a primary east-west thoroughfare. The property is positioned near other retailers including Shop 'n Save, Chase, McDonald's and Burger King. The property also benefits due to the lack of competition in the area, as it is the only drug store within a five miles radius. Additionally, Walgreens typically spends $300,000 when converting an acquired pharmacy location.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private individual and the buyer was an east coast based 1031 exchange buyer.
The property was recently acquired by Walgreens from Rite Aid. Following the acquisition, Walgreens extended the lease, demonstrating their commitment to the location. There are eleven years remaining on the lease and three 5-year renewal option periods with rare escalations. The lease is absolute triple net and features zero landlord responsibilities. This location has a long and successful operating history as a drug store since 2003. The Walgreen Company is the largest drug retailing chain in the United States. The company is publicly traded on the NASDAQ (Symbol: WBA) with a market capitalization in excess of $67 billion. Walgreens is an investment grade rated each with a Standard & Poor's rating of BBB.
"Walgreens drug store properties with proven operating histories continue to garner significant investor interest" said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "Properties in strong markets continue to be the most attractive for investors."
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $5 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:3520 Lake Avenue Suite 203
Country: United States