Cape Coral Walgreens Trades for $5M
CAPE CORAL, FL-In a deal that demonstrates continued demand for trip-net leased retail properties, a 14,820-square-foot Walgreens has traded for $5.155 million. The property is located at the intersection of Pine Island Road and Burnt Store Road in Lee County.
Plaza Advisors’ Co-Managing Partners Anthony Blanco and Jim Michalak, together with Senior Associate Lenard Williams, represented the undisclosed seller. Cassidy Turley BRE Commercial represented the buyer, a private individual. The Cape Coral Walgreens sale is Plaza Advisors’ third in the past 12 months.
Blanco tells GlobeSt.com that high-credit, triple-net leased retail properties are still among the most sought after investments in the real estate sector today. This, he says, is due to factors such as very low returns in the fixed income markets, the overall easing in lending for high credit deals, and historically low interest rates.
“Lenders have returned to commercial real estate but they are very selective and are looking for the safest products, which is exactly what most triple-net investors are seeking,” Blanco says. “These investors are generally looking for a passive way to earn a return that can be enhanced on an after-tax basis. The supply of available triple-net properties has not been able to keep up with the rampant demand and as a result, pricing for these types of assets has increased substantially in just the past six months."
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