SACRAMENTO-GlobeSt.com has learned exclusively that a private seller has sold a 17,272-square-foot, freestanding Walgreens building here to a buyer whose name could not be disclosed for $9.238 million. The property, which sits on an approximately 1.91-acre parcel of land, is located at 1420 Meadowview Rd., across the street from a Home Depot-anchored shopping center.

Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office represented the seller in the off-market transaction. The property was sold to on an all-cash basis at a market-low cap rate of 5.25%. “This sale pushed the market to levels we haven’t seen since 2005,” said Barr in a prepared statement. “Our seller was very pleased.”

Barr tells GlobeSt.com that a rise in employment and an uptick in residential construction are boosting the retail sector in Sacramento. “Net lease investors are combing the market for corporate-backed single-tenant assets, which are changing hands at cap rates in the low- to mid-6% range for a drugstore or near 7% for a fast-food restaurant. In this instance, we had a local high-net-worth exchange buyer that paid a premium for a long term triple-net lease and Walgreens investment-grade credit.”