The Boulder Group Arranges Sale of a Net Lease Pick ‘n Save Grocery Property
Industry: Real Estate
Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction
Wilmette, IL (PRUnderground) April 8th, 2021
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Pick ‘n Save property located in Appleton, Wisconsin for $7,000,000.
The 54,340 square foot Pick ‘n Save property is positioned within a well populated retail area. Tenants around the property include Walmart, Chase Bank, Lowe’s Home Improvement, Kohl’s, Target, The Home Depot, Best Buy, and Menards. There are over 147,000 people living within 5 miles of the property earning an average annual income of $78,080.
Randy Blankstein and John Feeney of The Boulder Group represented the buyer in the transaction who is a Midwest based real estate investor.
The Pick ‘n Save property features a corporate guaranty from Kroger and has over 6 years remaining on the primary lease. Roundy’s is a subsidiary of Kroger, which operates 145 supermarkets and 99 pharmacies throughout the states of Wisconsin and Illinois. Based on fiscal year 2012 sales, Roundy’s was the 37th largest grocery store chain and the 89th largest retailer in the United States. As of December 2015, Roundy’s became a subsidiary of Kroger of Cincinnati, Ohio.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Investors pay a premium for grocery stores with a strong sales history.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2020, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.