Stan Johnson Company Completes Sale of Walgreens Drugstore in Austin, Texas Area for $6.4 Million
New York, NY, August 20, 2018 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a freestanding Walgreens drugstore in the northwest Austin, Texas suburb of Bee Cave.
The 14,577-square-foot building was purchased by a 1031 exchange buyer for $6.4 million at a 5.38 percent cap rate. Stan Johnson Company’s Tom Georges and Jon Cohen represented the seller, which was a California-based investor. The asset traded in first quarter 2018.
“This is a great property in a great submarket,” said Tom Georges, Director in Stan Johnson Company’s New York office. “The property has more than 15 years of term remaining on this absolute NNN lease, and it’s situated on a major thoroughfare in the appreciating market of Bee Cave, Texas.”
The asset is located at 12200 Bee Cave Parkway and is adjacent to Hill Country Galleria – a shopping mall with more than 100 shops and restaurants. The Bee Cave submarket is an area with excellent demographics and a projected population growth of 13.02 percent in the next 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 exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.