Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant drugstore leased to Walgreens located at Bo Pajaros Carr 861 Km 3.1 in Bayamon, Puerto Rico. The asset traded for $11.5 million, reflecting a $994-per-square-foot price and a 6.20 percent cap rate. Stan Johnson Company’s Brandon Duff, Austin Duff, Daniel Herrold and Tom Fritz exclusively represented the seller, an individual investor from Fort Lauderdale, Florida. The property was purchased by Bluejay Management LLC, an investor group based in Lawrence, New York.
“We are pleased to have completed the sale of a rare Walgreens pharmacy outside the continental U.S. We had robust interest from both private and institutional buyers and executed a competitive sale process with multiple offers procured,” said Brandon Duff, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office.
“Currently, properties located in Puerto Rico are not eligible for 1031 like-kind exchanges,” added Austin Duff, Associate. “This did present a challenge, however, the longer lease term and the high level of non-1031 investor interest we had allowed us to overcome this objection and maximize value for ownership.”
The property was a new build-to-suit in 2015 and is leased to Walgreens under a long-term absolute triple net lease. The property comprises a total of 15,560 square feet with a drive-thru and is located in Bayamon, Puerto Rico’s second largest city, just 20 minutes from downtown San Juan.
