CRE Midwest

The Boulder Group arranges sale of single-tenant Walgreens

The Boulder Group has completed the sale of a net leased Walgreens property located at 9290 Wicker Ave., St. John, Ind., for $3.5 million.

The Boulder Group has completed the sale of a net leased Walgreens property located at 9290 Wicker Ave., St. John, Ind., for $3.5 million.

The 13,905-square-foot Walgreens was built in 1997 and is located within the Chicago MSA. The property is situated along a heavily trafficked thoroughfare and is located on a hard corner of a signalized intersection. The property is located along Wicker Avenue, which experiences traffic volumes in excess of 31,000 vehicles per day.

Target is the primary regional retailer in the area and is located just south of the Walgreens. Other nearby retailers include Tractor Supply, Aldi, Strack & Van Til Food Market, Starbucks, Chase Bank and Fifth Third Bank. Additionally, average household income is in excess of $85,000 for those living within three miles from the property. The building is leased to Walgreens on a net lease basis with approximately five years of lease term remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest-based developer. The buyer was a private net leased investment fund and was self-represented.