Thursday, July 30, 2015

Walgreens in Cocoa, FL sells for $5.35 million

Jan Boltres
Cocoa, FL (July 30, 2015) – Seeking a long-term investment with the advantages of a net lease property, a private investor recently purchased a Walgreens store in Cocoa, Fla. for $5.35 million. The 15,120-square-foot standalone building sold for $354 per square foot. 

The buyer, SAHM Broadway MGT, LLC, a private investor from Rancho Sante Fe, Calif., was represented by Jan Boltres, CCIM, Managing Director of Industrial Services; and John Jackson, Industrial Services at Colliers International Tampa Bay.

The seller, SDG Cocoa Beach, LLC, was represented by Daniel Corcoran of Marcus & Millichap in New York City.

Net lease properties, where the tenant pays some or all of the taxes, fees and maintenance costs in addition to rent, are rising in popularity among investors, who like the simplicity of owning this type of property.

“The buyer was seeking a net lease property as a long term investment,” said Colliers’ Boltres. “It sold at a cap rate under 6 percent, which is at market value for this type of investment, considering the amount of time that Walgreens had remaining on its lease.”

The Walgreens store, located at 1106 Clearlake Road in Cocoa, is less than four miles from both the Martin Andersen Beachline Expressway and I-95.

For a complete copy of the company’s news release, please contact:

Leah Saunders
B2 Communications
Office: (727) 895-2030, ext. 104
Cell: (813) 924-0367

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