The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 9300 East Gregory Boulevard in Raytown, Missouri for $5,862,250.
Walgreens is the sole occupant of the retail building that was originally constructed in 1999. The property is located at the signalized intersection of Blue Parkway and East Gregory Boulevard approximately five miles south of both Arrowhead Stadium (Kansas City Chiefs) and Kauffman Stadium (Kansas City Royals). Blue Parkway is a primary thoroughfare in the area. The Walgreens property is located in a strong retail corridor in close proximity to Walmart Supercenter, Aldi, Hy-Vee, and CVS. Walgreens recently executed an early lease extension for 10 years. There are 15 years remaining on the Walgreens lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The purchaser was a high net-worth individual in a 1031 exchange and the seller was a private partnership.
Walgreens has 15 years remaining on their lease which expires July 31, 2029. Walgreens recently elected to execute an early lease extension. This is a strong performing Walgreens location with excellent store sales. Walgreens is a publicly traded company (NYSE: WAG) with a market capitalization in excess of $69 billion and is an investment grade rated company.
