May 22, 2018 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Walgreens in Chelsea, Alabama. Horvath & Tremblay exclusively represented the 1031 exchange buyer to close the property at a sale price of $8,600,000, a 5.77% cap rate.
Walgreens fully occupies a 14,785-square foot building along Highway 280, Chelsea’s primary retail corridor and the main artery leading into Birmingham. Walgreens benefits from a high-visibility position along Highway 280, which boasts traffic counts measured at over 36,000 vehicles per day. The Property is centrally located in Chelsea’s growing, primary retail corridor, and is surrounded by a host of national retailers including Publix, Walmart, Winn Dixie, Dollar Tree, Tractor Supply, and numerous others. Walgreens operates under an absolute triple net lease with 15 years of term remaining and rare rental escalations every ten years.
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.