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November 12, 2020 Comments Off on Salem-Area Walgreens Trades in 1031 Exchange Views: 618 Pacific Northwest, Seattle & Pacific Northwest News

Salem-Area Walgreens Trades in 1031 Exchange

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Stan Johnson Company completed the sale of a 13,775-square-foot Walgreens drugstore located at 5000 River Rd. North in Keizer, OR. The buyer was an unnamed private investor from Long Beach, CA that purchased the asset for $5.7 million at a 4.85% cap rate. The seller was an undisclosed Los Angeles-based institutional investor.

The property was originally constructed in 2008. It sits on 1.62 acres in a northern suburb of Salem, near Interstate 5. The net lease includes a 15-year base term with rent increases every five years.

Stan Johnson Company’s Pat Weibel and BJ Feller represented the seller in its 1031 exchange transaction.

Weibel says, “This Walgreens listing received a great deal of interest due to the unique nature of the lease. “The sought-after location was very desirable for buyers who continue to demand West Coast and Mountain West net lease assets.”

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*Representative property photo

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