Transwestern’s Chicago office recently brokered the sale of a single-tenant net-leased Walgreens store located just outside Columbus, Ohio. The building was purchased for $4.8 million.
The 15,120-square-foot building, on 1.98 acres, was built in 2000 and is located at a signalized corner with an average daily traffic count of 47,615. Walgreens has eight years remaining on its lease with an additional eight five-year options to renew at the existing rent.
“This was a challenging sale due to the short remaining lease term and declining store sales,” said Marc Imrem, managing director of Transwestern’s Net Lease|Sale Leaseback Group. “However, there is tremendous investor demand for higher yield right now and short term net lease real estate is a good way a purchaser can achieve those yields.”
Imrem, along with Transwestern’s Andrew Watson, managing director, were the exclusive agents for the property on behalf of a private seller.
