Stan Johnson Company Brokers Sale of Walgreens in Puerto Rico for $11.5 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant drugstore leased to Walgreens located at Bo Pajaros Carr 861 Km 3.1 in Bayamon, Puerto Rico. The asset traded for $11.5 million, reflecting a $994-per-square-foot price and a 6.20 percent cap rate. Stan Johnson Company’s Brandon Duff, Austin Duff, Daniel Herrold and Tom Fritz exclusively represented the seller, an individual investor from Fort Lauderdale, Florida. The property was purchased by Bluejay Management LLC, an investor group based in Lawrence, New York.
“We are pleased to have completed the sale of a rare Walgreens pharmacy outside the continental U.S. We had robust interest from both private and institutional buyers and executed a competitive sale process with multiple offers procured,” said Brandon Duff, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office.
“Currently, properties located in Puerto Rico are not eligible for 1031 like-kind exchanges,” added Austin Duff, Associate. “This did present a challenge, however, the longer lease term and the high level of non-1031 investor interest we had allowed us to overcome this objection and maximize value for ownership.”
The property was a new build-to-suit in 2015 and is leased to Walgreens under a long-term absolute triple net lease. The property comprises a total of 15,560 square feet with a drive-thru and is located in Bayamon, Puerto Rico’s second largest city, just 20 minutes from downtown San Juan.
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.