Stan Johnson Company Announces $7.6 Million Sale of Walgreens in Saint Augustine, Florida for Near Record Cap Rate
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a freestanding, single-tenant drugstore located at 2801 North Ponce De Leon Boulevard in Saint Augustine, Florida. The 14,669-square-foot property is fully leased to Walgreens on an absolute triple net basis. Stan Johnson Company’s Pat Weibel and BJ Feller represented the institutional California-based seller. The asset was purchased in a 1031 exchange by Castro Properties, a private investor from New York. The sale, which closed for $7.6 million, reflects a 4.84 percent cap rate and is less than 20 basis points from a 12-month low for single-tenant Walgreens investment sales.
“This was a great transaction for our client and illustrates the demand and durability of net lease drugstores in the current environment,” said Weibel, Director in Stan Johnson Company’s Solana Beach, California office. “Additionally, the on-going desire of net lease investors to deploy capital in the state of Florida shows no signs of slowing down, allowing us to achieve a fantastic sub-5.0 percent cap rate.”
Walgreens has occupied the site since it was originally constructed in 2009 and recently restructured their lease, demonstrating their long-term commitment to the high-performing location. The property is situated on 1.48 acres at a heavily trafficked signalized intersection less than 2.0 miles from downtown Saint Augustine.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.