February 25, 2019 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Walgreens in St. Augustine, Florida. Horvath & Tremblay procured the buyer in the transaction that closed at a sale price of $7,000,000, a 5.93% cap rate.
Walgreens is located at the signalized corner intersection of Dixie Highway (US Route 1) and Shores Boulevard in St. Augustine. The Property is easily accessible to the nearly 28,000 vehicles passing on Dixie Highway. Walgreens operates under a triple net lease with over 17 years remaining on the base term of the lease plus 50, one-year options. The Property benefits from its location within a desirable area that has had strong population growth since 2000 and even more promising projected future growth. Additional retailers drawing consumers to the area include: Plublix Supermarket, Walmart Supercenter, Aldi, Lowe’s, Tractor Supply Company, CVS, McDonald’s, Chipotle, Chick-fil-A, and Steak ‘n Shake.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.