Stan Johnson Company Brokers 1031 Exchange Sale of a West Coast Walgreens for $5.7 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 13,775-square-foot Walgreens drugstore located at 5000 River Road North in Keizer, Oregon. Stan Johnson Company’s Pat Weibel and BJ Feller represented the seller, an institutional investor based out of Los Angeles, California, in their 1031 exchange transaction. The buyer, a private investor from Long Beach, California, purchased the asset for $5.7 million at a 4.85 percent cap rate.
“This Walgreens listing received a great deal of interest due to the unique nature of the lease,” said Weibel, Director in Stan Johnson Company’s Los Angeles, California office. “The sought-after location was very desirable for buyers who continue to demand West Coast and Mountain West net lease assets.”
The property was originally constructed in 2008. It sits on 1.62 acres in a northern suburb of Salem, Oregon just minutes from Interstate 5. The net lease includes a 15-year base term with rent increases every five years.
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 $35 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.