Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Walgreens drugstore in Dallas, Texas. The 15,120-square-foot property, at 2060 South Buckner Boulevard, sold for $6.4 million. Stan Johnson Company’s Mark Lovering represented the seller, an individual investor based in Houston, Texas. The buyer was an institutional investor from Los Angeles, California, and the property traded at a 6.09 percent cap rate.
“We were excited to be working with repeat clients on both the buy and sell side,” said Lovering in Stan Johnson Company’s Chicago, Illinois office. “This transaction marks our team’s 41st Walgreens closing in the last 18 months, which is a testament to the consistently strong demand we’ve seen for essential retail real estate during the pandemic. We fully expect to see this demand continue through 2021.”
The property was originally built in 1998, and it sits on 2.51 acres. This location boasts strong store sales and a double net lease with approximately 10 years of lease term remaining.