A 13,833-square-foot single-tenant retail store triple net leased to a Walgreens in Austin, Texas, has traded at a 3.69% cap rate—a record for Walgreens stores in the country, according to JLL.
This transaction follows on the heels of a deal in February in which a 15,206-square-foot single-tenant retail store triple net leased to Walgreens in the Miami-area community of Miami Shores, FL, also traded at 3.69%.
JLL brokered both transactions. In the Austin deal, the JLL Net Lease Capital Markets team representing the seller, Swanson Development Company, was led by Alex Sharrin, Alex Geanakos and John Indelli. Sikka Investments acquired the asset.
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