A 15k sf Walgreens with drive-thru retail property in Mesquite, TX has sold for $4.7 mil ($313/sf). Walgreens has nine years remaining on the its absolute, NNN corporate-guaranteed lease with 10 five-year option periods to extend.
Built in 2000, the property is situated on 1.58 acres at 1520 Pioneer Rd and includes approximately 78 parking spaces. It is located at the signalized intersection of E. Cartwright Road and Pioneer Road, and sees approximately 31,300 vehicles pass by daily. Two drive-thru lanes provide ease and convenience for customers. Sited within just two miles of Interstate 635, with its 131,800 vehicles daily traffic, the asset is directly across from a Tom Thumb grocery-anchored center, which helps promote crossover shopping, along with other nearby national/credit tenants.
Mesquite is located just 12 miles east of Dallas in north central Texas. With more than 4 msf of retail space, more than 6 msf of total business space, and two restaurant rows offering more than 30 restaurants and 42 movie screens, Mesquite is recognized as an important retail, restaurant and entertainment destination in the Dallas/Fort Worth region. More than 198,000 residents with an average household income of $64,000 live within its five-mile trade area.
Matthew Mousavi and Patrick Luther with SRS’ National Net Lease Group represented the seller of the property, a family office based in Salt Lake City, Utah. The buyer was a California-based 1031 exchange investor. The all-cash deal closed within 35 days of opening of escrow.
“This was a well located store at a signalized hard corner intersection with strong sales, well above the national average,” said Luther. The California-based buyer has other holdings in the state of Texas. The out-of-state buyer also benefits from the absolute net lease with zero landlord responsibilities.”