We are pleased to announce the closing of a NNN Walgreens in Texas. The property was sold for $5,075,000 and had approximately 15 years left on a triple net lease. The cap rate at time of sale was 6.10%.
Thomas Morgan, CCIM represented the buyer who was a Trust from the NE U.S. and was in a 1031 Exchange. They buyer had sold management intensive multi family property and was moving to the net lease segment to minimize management responsibilities.
Under a tight 1031 timeframe Morgan evaluated several Walgreens nationally and submitted offers on multiple properties to assure successful completion of the 1031.
Isola Capital placed low leverage favorable long term financing for the buyer. Isola and Morgan have collaborated on many other NNN sales including Dollar Generals, 7-Eleven and O Reilly Auto.
The Seller was represented by SVN Kase Group.
For more information on this transaction or other 1031 NNN Investments, please contact Thomas at 1-866-539-1777.