The Boulder Group completed the sale of a single-tenant net-leased Shopko property at 1601 W. 41st St. in Sioux Falls, South Dakota, for $11.7 million.
The 90,585-square-foot building sits at a signalized intersection along 41st Street, the primary east-west thoroughfare in the area with traffic counts of 27,300 vehicles a day.
Big-box retailers including Walmart Supercenter, Target, Costco, Sam’s Club and Best Buy surround the property. The Empire Mall, a 1.3-million-square-foot mall, is about one mile away.
Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller in this deal, a Texas-based REIT. The buyer was a local real estate investor.
There are more than 17 years remaining on the lease that expires Dec. 31, 2035. The triple-net lease features annual rent escalations and two 10-year renewal periods.