STREAM Capital Partners (“STREAM”), a boutique net lease and sale leaseback advisory group, recently completed the sale of a Walgreens property located in Geneseo, Illinois, just outside of the Quad Cities. The property is under a long term lease to Walgreens. There are approximately 19 years of term remaining on the initial term of the lease.
The sale price was just over $5 million. Jonathan Wolfe and Jordan Shtulman, Managing Principals and Co-Founders of STREAM Capital Partners, advised the seller on the transaction. Since forming STREAM in early 2012, the group has been involved in over $250 million of Walgreens dispositions.
Shtulman said that “the sale of this Walgreens property and the multiple offers that we received underpins the strong demand that we see from private investors for properties under long term leases to high credit quality tenants.”
Wolfe added that “even though the location is considered tertiary, there are simply not enough Walgreens properties on the market to satisfy investor demand. As a consequence, investors are more focused on the underlying credit and lease term rather than location”