The Boulder Group, a net-leased investment brokerage firm, has completed the sale of a single-tenant net-leased Pick n’ Save property at 2538 Ironwood Drive in Sun Prairie, Wisconsin, for $12.26 million.
The 59,000-square-foot Pick n’ Save grocery store featured a Kroger guarantee that was attractive to the purchaser. The Pick n’ Save grocery store is positioned along two primary thoroughfares in Sun Prairie. Sun Prairie is located about 10 miles northeast of Madison. Other retailers in the immediate area include Walgreens, US Bank, Target and Walmart Supercenter.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction, a Midwest real estate investment firm. The purchaser was a West Coast-based real estate investment firm.
Pick n’ Save has more than nine years remaining on the lease, which expires Dec. 31, 2027.
The triple-net lease has rental escalations in the primary term and each four five-year renewal option.
The lease also features a corporate guarantee from The Kroger Company.
