The Boulder Group, a net leased investmentfirm, has completed the sale of a single tenant net leased Walgreens property located at 9350 Highway 6 South in Houston, Texas for $5,150,000.
Walgreens is the sole occupant of the 15,020 square foot retail building that was developed in 2001. The property is located on a 1.92 acre parcel at the northeast corner of Bissonnet Street and Highway 6 South in Houston. Highway 6 South is a major thoroughfare in the area and experiences traffic counts in excess of 56,400 vehicles per day. The property benefits from its position on a hard corner of a signalized intersection across the street from a Kroger anchored shopping center. Additionally, the immediate area includes Home Depot and LA Fitness. The property is fully leased to Walgreens with over seventeen years remaining on the primary lease term.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest investor, in the transaction. The buyer was a high net worth individual based in Texas.
Walgreens has over seventeen years of lease term remaining on the primary term of the lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $51 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,500 locations nationwide.
“The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Houston, are at the forefront of investor demand.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban.