Two Walgreens Buildings Trade For $15.6 Million
The off-market transaction was an all-cash purchase.
The off-market transaction was an all-cash purchase.
Built in 2004 on 1.41 acres, the property is an outparcel to Kendall Pointe, a shopping center with several national retailers including Aldi and PetSmart.
Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.
Walgreens has approximately twenty-two years of lease term remaining on an original twenty-five year triple net lease with a rare rental escalation in the primary term of the lease. CLICK ON THE HEADLINE FOR MORE
The seller, Morgan Property Group, acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. CLICK ON THE HEADLINE FOR MORE
Five charging stations are set to open by summer at Walgreens pharmacies in South Florida. CLICK ON THE HEADLINE FOR MORE
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