Matthews™ Brokers 1031 Exchange of Walgreens Property for $5.78M

Raleigh, NC – Matthews Real Estate Investment Services™, the nation’s fastest-growing real estate firm, is pleased to announce the sale of a Walgreens property, the second-largest pharmacy chain in the U.S., located at 1910 Falls Valley Drive, Raleigh, NC. The net-lease transaction was brokered by Matthews™ Net Lease Retail Associate Grant Korn and Market Leader Maxx Bauman.

 

The seller, a Matthews™ private client, was looking to complete a 1031 Exchange for an asset with a long-term lease. The seller hired Matthews™ due to credibility and market knowledge. Competing brokers had priced the Walgreens location at 8.0% cap rate, while the Matthews™ representatives were able to sell at 7.2% cap rate and receive several offers in only one month from the listing date.

 

“By pricing the property accurately, we were able to create a competitive bidding environment, which drove up the price,” said Korn. ” We received multiple offers but vetted all the buyers and picked the one with the highest probability of closing.”

 

The buyer achieved great pricing and a short escrow period, ensuring minimal loss of rental profit. They were interested in the property after seeing an opportunity to invest in a facility in the local area and for a great price.

 

“The seller did not think we would be able to achieve the price that we did. However, we were able to leverage our drugstore track record to assure them that we could perform and hit his price target,” said Bauman.

 

For more information regarding this sale or if you have any other questions related to net lease investment sales, please reach out to Grant Korn or Maxx Bauman. To view current listings, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.