The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens portfolio consisting of five properties located throughout the United States for $39,011,803. The properties are located in Maine, Massachusetts, Minnesota, and South Carolina.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest based private partnership and the purchaser was a Midwest based institutional investment firm.
The portfolio included the following Walgreens properties: 1. 720 Main Street, Clinton, MA 2. 32 Main Street, Lakeville, MA 3. 268 Main Street, Belfast, ME 4. 1112 Civic Center Drive, Rochester, MN 5. 1537 Charleston Highway, West Columbia, SC
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 geographically diverse portfolio leased to an investment grade tenant. The majority of the interest was among 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 geographically diverse portfolio of long term triple net leased Walgreens properties.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Walgreens properties with 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.”