Located at 17373 Main St., the retail space encompasses 14,560 sf. Built by the seller, which is one of Walgreens' major preferred developers, it is "a standard, prototype (Walgreens) store," Held tells GlobeSt.com.The deal is one of many retail sales that have occurred recently as part of 1031 Exchange transactions. Held says the prevalence of 1031 Exchanges has "absolutely had an effect on the retail market." As Held points out, "one of the factors that has really driven cap rates down has been the 1031 Exchange. In addition, we're seeing a lot of larger properties being sold to the individual 1031 Exchange investor. In the past, institutions, REITS and large developers were the typical owners."
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