Dealmaker: Boulder Group Closes $16M in Retail, Medical Property Sales
Net-lease investment brokerage firm The Boulder Group, Wilmette, Ill., sold two single-tenant retail assets and a medical property for $15.9 million.
In Cincinnati, Ohio, Boulder sold a Bob’s Discount Furniture store for $5.5 million. Company President Randy Blankstein and Partner Jimmy Goodman represented both sides in the transaction.
The 38,800-square-foot store is located immediately off Interstate 275 and Highway 27 in the area’s primary retail corridor, adjacent to Meijer and near other retailers including Walmart Supercenter, Lowe’s and Dick’s Sporting Goods. The tenant recently signed a 10-year lease with rental escalations and four five-year renewal options.
“Lower rent net leases to national tenants are some of the most sought-after assets,” Blankstein said.
Boulder also sold a single-tenant net lease Walgreens location in Bettendorf, Iowa for $5.8 million. The Walgreens company guarantees the lease, which has more than 10 years remaining on its primary term.
Blankstein and Boulder Senior Vice President John Feeney represented the Midwest-based real estate investor seller in the transaction. The buyer was a West Coast investment firm.
“Single-tenant drug store properties with more than 10 years remaining [on their lease] continue to trade regularly,” said Feeney.
In Pewaukee, Wis., Boulder sold a newly constructed, 11,750-square-foot Children’s Hospital of Wisconsin medical property located at 1215 George Towne Drive for $4.6 million. The Children’s Hospital lease runs until 2028 and includes two five-year renewal options.
Goodman and Feeney represented the buyer in the 1031 exchange transaction.
“Retail-based healthcare is a new and innovative trend in our sector,” said Feeney.