News

South Dakota Walgreens Sale

DATE September 28, 2019 / AUTHOR AGM

CATEGORY Corporate Growth Announcement, Just Sold

We are happy to announce recent closing of a Walgreen’s listing in Sioux Falls, South Dakota. Our long-time client was motivated to dispose of their Walgreen’s holdings due to a shift in the drugstore market to a smaller format, as well as Walgreen’s aggressive efforts to reduce rents. In our marketing efforts, we successfully produced multiple offers and after a faulty start with an out-of-state 1031 exchange buyer, we ended up transacting with a different, local 1031 buyer at 5% below market rate at the time. With 10.5 years on term, above-average reported sales and a NNN lease, we were just at the sweet spot for investors due to the finance-ability of the investment, increasing our pool of buyers.

Investment Highlights

  • Investment Grade Credit
  • Extremely Limited Pharmacy Competition Market
  • Strong Demographics – Stable Growth
  • Long Term Lease – 11 years
  • Zero Landlord Responsibility
  • High Traffic Volumes and Unparalleled Visibility – 35,000 ADT
  • Strategically Positioned to Serve the Neighborhood and Sanford Children’s Hospital
  • Population and Economy Growth
  • Double Drive-thru

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