Stan Johnson Company Brokers 1031 Exchange Sale of Tennessee Walgreens for $6.0 Million

Ullrich-Walgreens

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Walgreens net lease investment property located at 4210 North Roan Street in Johnson City, Tennessee. The 14,744-square-foot property was built in 2008 and features a drive-thru. Jimmy Ullrich and Michael J. Macchia of Stan Johnson Company represented the 1031 exchange buyer from Coral Gables, Florida. The seller was a private investor based in Bristol, Tennessee. The property traded for nearly $6.0 million reflecting a 5.72 percent cap rate

“Johnson City is one of the once overlooked towns that is now booming post-pandemic,” said Ullrich, Director in Stan Johnson Company’s New York office. “Johnson City offers a low cost of living and doing business, a central location, access to mountains and amenities, and an active downtown. The buyer was excited to get this strong Walgreens cap rate in a growing, dynamic market.”

Situated at the intersection of North Roan Street and Carroll Creek Road, the site offers excellent access from both of the area’s main thoroughfares. The tenant operates on a long-term triple net lease with a corporate guarantee. Neighboring tenants include CVS Pharmacy, Dollar General, Ingles and Food City.

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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 and its affiliates provide 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.