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11/11/20
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A private investor out of Long Beach paid $5.7 mil for a 13.8k sf ($413/sf) Walgreens drugstore in Keizer, OR. The property, located at 5000 River Road North, was sold by an institutional investor based out of Los Angeles, in a 1031 exchanmge transaction.
The property was originally constructed in 2008. It sits on 1.62 acres in a northern suburb of Salem, just minutes from Interstate 5. The net lease includes a 15-year base term with rent increases every five years.
Pat Weibel and BJ Feller with Stan Johnson Company represented the seller in the deal. The sale closed at a 4.85% cap rate.
“This Walgreens listing received a great deal of interest due to the unique nature of the lease,” said Weibel. “The sought-after location was very desirable for buyers who continue to demand West Coast and Mountain West net lease assets.”
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