Sarasota Walgreens On The Market
Saturday, August 28th, 2010Tampa, FL — A Sarasota Walgreens store has hit the market as the first major single-tenant retail property for sale in that county this year. Quality real estate investments are highly challenging to identify in any market, let alone in 2009. This asset is seen as a sign of Walgreen Company (NYSE: WAG) committing to sound demographic areas that are conducive to their long term operational standards.
Walgreens is seen at the barometer for single-tenant, net leased investments since their credit rating (S&P: A+/Stable) is so high and the term of their lease (25 years with the option to renew for an additional 50 years; potentially a 75 year lease) is so stable.
David Sobelman, Executive Vice President of Calkain Companies, is personally representing the seller, an area developer, in this high profile transaction. Sobelman stated, “The amalgamation of a strong credit tenant, a long term lease and the Sarasota, FL location, leads this to be a truly unique asset in the current market. Bringing properties with stable cash flow and instant income to the market now is truly what investors, nationwide, are seeking.”
Located at the corner of Lockwood Ridge Road and 17th Street in Sarasota, the building is currently under construction and will commence its lease in April. “The intrinsic value of the real estate coupled with the high profile location makes this a unique opportunity for the investor,” explained Sobelman. “The area has national appeal and the combination of both a large parcel of real estate and a high profile retail location makes this extremely attractive to the passive investor,” Sobelman continued.
The asset is valued at $5.9 million.
Media Contact: David Sobelman | (813) 282.600