SAN DIEGO, CA—A series of transactions totaling more than $40 million that included the sale of nine Walgreens and one CVS drugstorewas negotiated by Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County. The combined sales, which closed in June, covered property in the East, Southeast, Midwest and the Southwest regions.
Bennett and Barr, who just recently closed on a $12.2 million sale of LA Fitness in Irving, Texas, said the drugstores were a mix of both long term and short term NN and NNN leases. In addition, fifty percent of the transactions were off-marketthat the Barr & Bennett Net Leased Group were able to source for their client.
“By leveraging our client relationships, we were able to source off-market drugstores that had zero competition from other investors,” said Bennett. “We focused on NN drugstores that had under 10 years ofterm remaining which are highly sought after by investors in today’s marketplace. This enabled our client to achieve a much higher yield when blended with the long term NNN locations,” said Barr.
The transactions included: four-unit Phoenix portfolio for $15.9 million; Deltona, Fla. for $2.86 million; Lubbock, Texas for $3.51 million; St. Joseph, Mo. for $5.4 million; Springfield, Ill. for $5.15 million; Uniontown, Penn. for $6.3 million; and Indianapolis, Ind. for $4 million.
Barr and Bennett Net LeasedGroup specializes in the acquisition and disposition of net leased assets nationwide.