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October 16, 2020 Comments (0) Views: 367 Dallas-Fort Worth, Texas News

Institutional Buyer Snares Dallas Walgreens

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Stan Johnson Company (SJC) completed the sale of a Walgreens drugstore in Dallas. The 15,120-square-foot property, at 2060 S. Buckner Blvd., sold for $6.4 million.

SJC’s Chicago-based Mark Lovering represented the seller, an individual investor based in Houston. The buyer was an institutional investor from Los Angeles, and the property traded at a 6.09% cap rate.

“We were excited to be working with repeat clients on both the buy and sell side,” said Lovering. “This transaction marks our team’s 41st Walgreens closing in the past 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 sits on 2.51 acres. The location comes with strong store sales and a double-net lease, with approximately 10 years of lease term remaining.

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