Net Lease L Iowa

Boulder Group closes $4.6 million Walgreens sale in Iowa

Boulder Group sells Walgreens in Iowa,ph01

The Boulder Group completed the sale of a single-tenant net-leased Walgreens property at 830 Middle Road in Bettendorf, Iowa, for $4.675 million.

The 14,490-square-foot Walgreens is positioned at signalized intersection of Middle Road and Kimberly Road. The property is located near a number of national retailers such as Home Depot, Hobby Lobby, Hilton Garden Inn, Schnucks and numerous quick service restaurants.

The property is also located within close proximity to multiple residential communities, local businesses and schools. There are more than 75,239 people living within a three-mile radius of the property with an average annual household income in excess of $56,704.

Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction, a Midwest-based 1031 investor. The seller was a Northeast-based real estate fund.

Walgreens has more than five years remaining on its lease, which expires Dec. 31, 2023, and features 10 five-year renewal option periods.