The Boulder Group completed the sale of a single-tenant net-leased Walgreens property at 2719 Grand Ave. in Ames, Iowa, for $5.1 million.
The 14,820-square-foot Walgreens benefits from its location along Grand Avenue, a primary north/south thoroughfare. The property is well-positioned in a dominant retail corridor known as North Grand Mall with tenants such as Kohls, T.J. Maxx, JCPenney, Bed Bath & Beyond, Shoe Carnival, GNC and rue 21.
Additionally, the Walgreens property is located in close proximity to Iowa State University, which has more than 40,000 students enrolled. The property is also within the Davenport MSA.
The Walgreens lease has more than 13 years remaining on the primary term with 10 five-year renewal options. The lease is also corporately guaranteed by Walgreens.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based real estate firm. The buyer in this transaction was a West Coast-based real estate firm.
