CHICAGO - The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 2300 Pecan Boulevard in McAllen, TX for $2,284,000.
Walgreens is the sole occupant of the 13,029 square foot retail building that was developed in 1993. The property is located on a 1.57 acre parcel at the northwest corner of Pecan Boulevard and North 23rd Street in McAllen, TX. The property is located one-half of a mile from South Texas College (31,000 students).The property is fully leased to Walgreens with five years of lease term remaining and five 5-year renewal options remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller,an East Coast institution, in the transaction. The buyer was a private Midwest based investor.
Walgreens has five years of lease term remaining on an original twenty-five year 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 net leased Walgreens properties with shorter term leases and strong sales remains active as investors are attracted to the higher yield these assets generate” said Randy Blankstein, President of The Boulder Group.Jimmy Goodman, Partner of The Boulder Group, added, “Investors seeking higher yields are focusing on short term leased properties with investment grade rated tenants.”
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 Chicago.