PALM BEACH, FL-When it comes to office buildings, investors typically look for core properties in top tier cities. But on the retail front, investors are moving beyond the metros to do smaller deals with strong upsides.
CB Richard Ellis arranged the sale of a Walgreens in Loxahatchee. Located at 15940 Orange Boulevard, US Property Management acquired the 14,469 square foot freestanding building for $7.87 million. Walgreens has a new 25-year lease on the building.
“The market for single tenant properties is vibrant and Walgreens remains one of the most pursued single tenant investments,” says Mark Drazek, a broker at CBRE, which represented the seller, Loxahatchee Venture LLC. “This transaction is further evidence of the strong demand for these properties.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
