Drugstore Sold in 1031 Exchange at a Five Percent Cap Rate
San Francisco, CA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the transaction of a $10.9 million Walgreens in a 1031 Exchange. The property is in a high-traffic area at 2700 Willow Pass Road, Bay Point, CA. Senior Associate Daniel Gonzalez and Market Leader and Vice President Johnny Blue Craig represented the seller in the transaction.
Matthews™ executed the deal at a five percent cap rate within 98 percent of its listing price, meeting the seller’s goal of releasing the property at the height of the market and capitalizing on the compressed cap rate environment. The buyer, an established real estate investor, was looking to invest in a property with a long-term lease to expand its market presence.
“Our extensive knowledge of the single tenant net lease industry, particularly drugstore, gave us a strong foundation to execute this deal,” said Gonzalez.
The Walgreens facility totals over 14,000 square feet, located near fast-casual dining, convenience stores, and an auto-repair shop. Matthews™ completed the deal using a shared extensive database, paired with a social media and email marketing campaign, reaching a multitude of potential buyers.
“This sale was a perfect example of how much value a well-located net lease property can bring to investors, especially when executing a 1031 Exchange. Our client received a great price, and the buyer achieved his investment goals,” said Craig.
For more information, or to contact Daniel Gonzalez and Johnny Bue Craig, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology 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 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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