May 23, 2018 – Jeremy Black of Horvath & Tremblay has successfully completed the sale of Walgreens in Midland, Texas. Horvath & Tremblay exclusively represented the 1031 exchange buyer to close the property at a sale price of $7,835,651, a 5.75% cap rate.
Walgreens fully occupies a 14,850-square foot building located at the signalized southeast corner of Andrews Highway and Midland Drive with traffic counts exceeding 50,000 vehicles per day. The property is strategically located across the street from Midland Memorial Hospital and is less than two miles away from the Grande Communications Stadium, which houses 15,000 seats. The property is also located less than two miles from the Midland Park Mall, anchored by Dillard’s, JC Penny, Ulta, and Old Navy. Walgreen operates under a corporate guaranteed, triple net lease with over 17.5 years remaining and 50, one year options.
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.