CRE Midwest

The Boulder Group arranges sale of Walgreens ground leased property

The Boulder Group has completed the sale of a ground leased Walgreens property located at 3136 W. 55th St., Chicago, for $1.1 million.

The Boulder Group has completed the sale of a ground leased Walgreens property located at 3136 W. 55th St., Chicago, for $1.1 million.

The property is located approximately nine miles southwest of downtown Chicago and less than three miles from Midway International Airport. The ground lease is located at the heavily trafficked intersection of 55th Street and Kedzie Avenue. The intersection experiences traffic volumes in excess of 53,000 vehicles per day. 55th Street is the primary east-west thoroughfare in the area. The property is located in a dense area of Chicago with more than 870,000 people living within five miles of the property. The property is ground leased on an absolute net basis to Walgreens with 13 years of lease term remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest based development company.  The buyer was a high net worth investor based in Chicago.

“The market for net leased Walgreens in Chicago and other core markets remains robust as these assets are in high demand among private investors.” said Blankstein, president of The Boulder Group.

“Ground leased properties remain popular for net lease investors as they offer a secure investment that combines a low price point with zero landlord responsibilities,” said Goodman, partner of The Boulder Group