Lee & Associates - North San Diego County Negotiates Sale of Walgreen’s in North Richmond, Texas
NORTH RICHMOND, Texas—October 24, 2014—A Walgreen’s retail outlet, located at 6350 North David Blvd. in North Richmond, Texas, was sold for $5.866 million.
Clifford Crowe of Lee & Associates North San Diego County, who represented the buyer, Giurbino Trust, closed the deal within six weeks. The seller, DFW Net Lease Capital, was represented by Glen Berhow of Sperry Van Ness.
“This store is located in a quality, high-volume area. With sales consistently in the top 10% for Walgreen’s, this location was an ideal fit for the buyer,” said Crowe, who noted that that average triple net leases in the region are 5.5% to 6.5% cap. “This building has a 5.72% cap.”
Built in 2002, the building is 14,490 square feet and is solely occupied by Walgreen’s, which plans to continue its occupation. The buyer plans to hold the property for deferred exchange.
In the past 18 months, Lee & Associates – North San Diego County has been particularly active in Walgreens’ transactions with more than $32 million in sales for the retail chain.
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Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 50 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With almost 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information can be found at http://www.lee-associates.com. You can also follow us on Facebook, LinkedIn and Twitter.