A CA-based 1031 exchange investor purchased a 13.8k sf, single-tenant, freestanding retail property occupied by Walgreens in Garland, TX. The property is located at 2614 Lavon Dr.
Walgreens has been operating at this location since 1997 and recently signed a new, 15-year, triple-net lease extension that is corporate guaranteed.
Situated on 1.61 acres, the property is located at the intersection of Crist Rd and Lavon Dr. Lavon Dr is a primary north/south retail thoroughfare serving Garland and featuring a number of national retailers including The Home Depot, Hobby Lobby, Best Buy, Petco, and Kohl’s, among others. The property is also 1.5 miles south of Firewheel Town Center totaling more than 1 msf.
Michael Walseth with SRS’ National Net Lease Group represented the seller, a Chicago-based developer/investor. The buyer was repped by Paul Danker of Kidder Mathews. The price was not disclosed.
“Nationally recognized pharmacy brands are highly sought after by capital as they present a cash-flowing, stabilized retail investment with no landlord responsibilities,” said Walseth. “This particular location is within a densely populated and growing suburb of Dallas that has approximately 286,000 residents and 80,000 employees within a five-mile radius.”