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.
