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7/14/17
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A 14.5k sf, NNN Walgreens located in the Sacramento suburb of Elk Grove has sold for $7.34 mil ($506/sf). The 10-year-old, Walgreens property traded at a 5.64% cap rate.
Located at 9200 Elk Grove Florin Rd, at the intersection with Bond Rd, the property provides easy access to Hwy 99. The drugstore is the only large pharmacy within a one-mile radius and provides ample parking, a double-lane drive-thru window, as well as charging stations for electric and hybrid cars.
Mary Alam with NAI Northern California represented both the buyer and seller in the off-market transaction. According to Alam, drugstores have proven to be among the most successful and stable of retail tenants in this environment.
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