October 8, 2021 – Kyle Danielson of Horvath & Tremblay has successfully completed the sale of Walgreens in St Augustine, Florida. Horvath & Tremblay represented the seller to complete this transaction at a sale price of $8,800,000.
Walgreens is located at 116 Blackford Way in St Augustine, Florida. The stand-alone building contains 13,650 square feet, including a drive through on a 1.55-acre lot. Walgreens has been at this location since its construction in 2010 and has 14 years remaining on an Absolute NNN Lease, as well as fifty, 1-year renewal options. Walgreens has consistently demonstrated strong store sales at this location. The Property is situated on a highly visible corner parcel along Blackford Way, at the signalized intersection of US Route 1 (Dixie Highway), St Augustine’s primary commercial corridor, Blackford Way and Shores Boulevard. St. Augustine is located 40 miles south of Jacksonville and is the county seat of St John’s county. Over the next 5 years, the area is expected to see explosive population growth within a 1, 3, and 5-mile radius. Population growth in the immediate area is expected to exceed 15%.
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.