Exclusive: Suburban Walgreens Trades At Record Cap
Colliers International has established a national record for cap rates in the recent $15.7M sale of a single Walgreens store in Thousand Oaks.
The record cap rate was a flat 4%. A private investor acquired both the building and the land the Walgreen’s is on (550 N Ventu Park Road) in Thousand Oaks.
Colliers SVP Eric Carlton (here), repped the seller, NewMark Merrill Cos, along with EVP Jereme Snyder. Carlton tells us the deal was a quick 21-day escrow with all cash, making it very rare to find a buyer like that for such a large deal.
Carlton says it was especially attractive given the location and the fact it’s in a shopping center anchored by Walmart. The nearest Walgreens is about 13 miles away.
“This sets a new record-low watermark for a cap rate for a Walgreens deal across the entire country,” he says.
Jereme says the deal was even more valuable due to it being a fee simple lease and that it was in place with scheduled rent escalations, something rarely seen in the sales of single-tenant Walgreens retail locations.