Stan Johnson Company Announces Ground Lease Sale of Cincinnati, Ohio Walgreens for $3.4 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the ground lease sale of a 13,500-square-foot drugstore occupied by Walgreens. The single-tenant property located at 7135 Beechmont Avenue in Cincinnati, Ohio sold to a private investor for approximately $3.4 million reflecting a 6.20 percent cap rate. Patrick Metz of Stan Johnson Company represented the Ohio-based seller, The Beischel Investments LP.
“We were able to secure a buyer before we even had a chance to go to market with this asset,” said Metz, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “Attorneys working for the buyer and seller did great work in ironing out challenges related to missing or misfiled environmental documents by the previous owners, so this was a true team effort by both sides with a great outcome.”
Situated on 2.0 acres just north of Interstate 275 in western Cincinnati, the property is strategically located near Mercy Health-Anderson Hospital and Cincinnati Children’s Anderson. The asset features ample surface parking and a drive-thru, and at the time of sale, there were approximately 16 years of base lease term remaining.
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.