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6/09/20
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A Sacramento-based private family trust paid $6.57 mil for a 14.5k sf ($453/sf), single-tenant net-leased retail property in South Ogden, UT. The property, located at 6016 South 1550 East, is occupied by a corporate-operated Walgreens under a 17-year NNN lease.
Built in 2010, the property sits on a 1.59-acre site in a high traffic neighborhood of South Ogden, where the nearest competitor store is more than four miles away. Surrounded by several high school and university campuses and just 35 minutes from Salt Lake City, Ogden has experienced explosive growth over the last few decades. Its population has risen 30% since 1990 as the city has become a perennial favorite for inclusion in the Top 10 Best lists for outdoor recreation, family life, and places to start a business.
Judd Dunning, President/Broker of DWG Capital Group and DWG Capital Partners, working with Mitchell Asset Group Inc, represented the buyer, who was completing a 1031 exchange. Arthur Griffith and John Giordani with Deerfield Partners represented the seller. Victor Saponari of Quantum Capital Partners arranged debt financing at a low rate and favorable terms for the buyer.
According to Dunning, the buyer was looking to ensure that its family trust had the appropriate income for its retiring generation with an asset that will also benefit the next generation over the years.
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