Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 13,775-square-foot Walgreens drugstore located at 5000 River Road North in Keizer, Oregon. Stan Johnson Company’s Pat Weibel and BJ Feller represented the seller, an institutional investor based out of Los Angeles, California, in their 1031 exchange transaction. The buyer, a private investor from Long Beach, California, purchased the asset for $5.7 million at a 4.85 percent cap rate.
“This Walgreens listing received a great deal of interest due to the unique nature of the lease,” said Weibel, Director in Stan Johnson Company’s Los Angeles, California office. “The sought-after location was very desirable for buyers who continue to demand West Coast and Mountain West net lease assets.”
The property was originally constructed in 2008. It sits on 1.62 acres in a northern suburb of Salem, Oregon just minutes from Interstate 5. The net lease includes a 15-year base term with rent increases every five years.