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8/22/18
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A 14.6k sf, freestanding Walgreens drugstore in the northwest Austin, TX suburb of Bee Cave sold for $6.4 mil ($438/sf). The asset was acquired by a 1031 exchange investor in a deal that closed at a 5.38% cap rate.
The property is located at 12200 Bee Cave Pkwy, adjacent to Hill Country Galleria – a shopping mall with more than 100 shops and restaurants. The Bee Cave submarket is an area with excellent demographics and a projected population growth of 13% in the next five years.
Stan Johnson Company’s Tom Georges and Jon Cohen represented the seller, a California-based investor.
“This is a great property in a great submarket,” noted Georges. “The property has more than 15 years of term remaining on this absolute NNN lease, and it’s situated on a major thoroughfare in the appreciating market of Bee Cave, TX.”
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