Dealmaker: The Boulder Group Arranges $50M in Net Leased Property Sales
Dealmaker: The Boulder Group Arranges $50M in Net Leased Property Sales
Net-lease investment brokerage firm The Boulder Group, Wilmette, Ill., closed nearly $50 million in property sales in Illinois and Ohio.
The firm sold nine First Midwest Bank locations in Illinois for nearly $46 million.
“Portfolios of high-quality single-tenant investment grade properties are in high demand, but not in abundant supply,” said Jimmy Goodman, Partner with The Boulder Group.
The Boulder Group President Randy Blankstein noted net lease investors seek banks with strong deposit histories and long-term lease agreements.
The firm also closed the sale of a net-leased Rite Aid pharmacy in Brunswick, Ohio near Cleveland for $2.9 million. The 13,500-square-foot Rite Aid is near the Center Road/Hadcock Road signalized intersection one mile west of Interstate 71. Nearby national retailers include The Home Depot, Giant Eagle supermarket and several national banks and quick-service restaurants.
Blankstein and The Boulder Group Vice President John Feeney represented the seller, a Midwest-based real estate company. A Northeastern real estate investor acquired the property.
The Rite Aid lease has more than five years remaining on its first renewal option period. The lease has seven five-year renewal option periods remaining.
“Rite Aid properties with proven operating histories continue to garner significant investor interest” Blankstein said.
Feeney noted some investors have shifted their focus to properties with shorter-term leases with solid real estate fundamentals to increase their investment returns.
