May 28, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $5.024 million sale of a single-tenant 14,490-square-foot freestanding property fully occupied by Walgreens located at 2455 Eastern Avenue in Plymouth, WI. The absolute triple-net leased property is corporate-guaranteed by Walgreens and has 11 years remaining on its term.
SRS’ National Net Lease Group Senior Vice Presidents Dan Elliot and Sean Lutz represented the seller, Torrington Development Inc. The buyer was MEI Realty-based out of Grays Lake IL.
“This Walgreens is the only one within the City of Plymouth and the closest Walgreens to this particular store is over 13 miles away,” said Lutz.
“Additionally, there are no Rite Aid or CVS stores in the surrounding area which made this asset even more attractive to buyers. With zero landlord responsibilities and a long-term lease with a strong tenant, we secured a number of offers and sold the asset at asking price and at a cap rate of 6.25 percent.”
Built in 2004, the property is situated on 1.5 acres and is across the street from a large retail center anchored by Pick ‘n Save. Additionally, the Sartori Cheese headquarters is located directly across the street for additional cross-over traffic. The asset benefits from being proximate to Plymouth Comprehensive High School, Evergreen Golf Course, Aurora Health Center and Plymouth’s historic district.
“Working with Dan and Sean from SRS Real Estate Partners was truly a great experience. I have been in the real estate business for over 40 years and have dealt with many brokers from around the country and have had many different experiences,” said Rick M. DeNunzio with Torrington Development Inc. “The team is honest, trustworthy, available and pays attention to detail and was able to accomplish all of my goals with the sale of this property.”
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.