WALGREENS

Walgreens – Fayetteville, NC

• Investment disposition contingent on existing loan assumption
• Deal qualified for a severely decreased buyer base
• Listed at a market competitive cap rate
• Directly procured buyer through our marketing platform
• Managed a complicated and 5-month long assumption process
• Successfully sold at 99% of list price

After a failed marketing attempt by a larger STNL brokerage company, AGM Net Lease was hired by a repeat client to market the subject property on an exclusive basis. With 22 years on the lease and average sales, the property was slated to be a medium difficulty transaction, however, the CMBS loan on the property had a very high prepayment penalty/defeasance. The loan assumption contingency instantly reduced the buyer pool by 60-70%. After making the price adjustment to account for better financing terms that could have been achieved in the market at the time, we listed the property at a price still very close to market. Property was marketed for 3 months through which we received multiple offers. To secure a successful closing, we had to supply the lender and the servicer with an exorbitant amount of market, property and real estate outlook data. Six months later, the transaction successfully closed at 99% of the list price.