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.
