We are happy to announce recent closing of a Walgreen’s listing in Sioux Falls, South Dakota. Our long-time client was motivated to dispose of their Walgreen’s holdings due to a shift in the drugstore market to a smaller format, as well as Walgreen’s aggressive efforts to reduce rents. In our marketing efforts, we successfully produced multiple offers and after a faulty start with an out-of-state 1031 exchange buyer, we ended up transacting with a different, local 1031 buyer at 5% below market rate at the time. With 10.5 years on term, above-average reported sales and a NNN lease, we were just at the sweet spot for investors due to the finance-ability of the investment, increasing our pool of buyers.

Investment Highlights

• Investment Grade Credit
• Extremely Limited Pharmacy Competition Market
• Strong Demographics – Stable Growth
• Long Term Lease – 11 years
• Zero Landlord Responsibility
• High Traffic Volumes and Unparalleled Visibility – 35,000 ADT
• Strategically Positioned to Serve the Neighborhood and Sanford Children’s Hospital
• Population and Economy Growth
• Double Drive-thru