DATE June 10, 2019 / AUTHOR
CATEGORY Just Sold
Recent Walgreen’s Closing
We are happy to announce a recent closing of a high performing Walgreen’s property in Tacoma, Washington. Our client owned three different Walgreen’s investments since 1998 and 2006 respectively and had been contacted by Walgreen’s on this particular store for a hefty rent reduction – an unpleasant letter to receive, as most other Walgreen’s owners would agree. We were hired to negotiate lease extension terms on behalf of the landlord. Through our market research and understanding of our home state, we managed to get uniquely favorable lease terms and considerably increase the client’s equity. We listed the property and were able to procure a California 1031 buyer at 97% of list price. We managed the repair of the exterior of the property as well coordinated the numerous vendor visits with Walgreens to arrive at a solution that was a win-win for both our client and satisfied the buyer’s timing of their 1031 exchange. By no means an easy transaction.
Thank you to Mehdi Star of Colliers who represented the buyer on persistently ensuring we cross the finish line!
- Walgreens Corporate Guaranty
- Income tax -free state
- High sales location
- Walgreens recently extended lease by 10 years
- Serving Pacific Lutheran University and JBLM (largest employer in Tacoma – 60,000)
- High traffic count and signalized intersection
- NN lease with minimal landlord responsibilities
- 19 year operating history