Single Tenant Net Lease Walgreens Property Sold

NNN property in Marco Island sells for $5.7 million

Walgreens- Marco Island, FL

We closed today on a transaction for the sale and purchase of an investment property in Marco Island, Florida. The property includes a 15,000 square Walgreen’s Drug store and is situated on North Collier Boulevard in Marco. The property sold for $5.7 million, which was an approximate 7.2% cap rate. The property was represented by Dougall McCorkle of Premier Commercial, a Naples based commercial real estate professional. Single tenant properties such as this one are very desirable assets due to the dependable low risk income that is generated by the Walgreen’s’ lease. Walgreen’s is, of course, a AAA rated company which makes for a perfect fit for many investors who want better yields than current money instruments, but are less risky than the stock market. These types of properties generally require very little management, as the are often structured as ‘triple net’ or ‘net’ leases where the tenant is responsible for the costs of real estate taxes, property insurance, and maintenance in addition to their rents. Single tenant properties are often favorites of those looking to defer income taxes, when structured as a “1031” exchange.

This property was on the market for less than three months.  If you are interested in learning whether your property would be a marketable candidate in today’s environment or perhaps looking to acquire a relatively management free investment where 7-8% yields are today’s norm, then please contact Dougall McCorkle to learn more. For a recent report on receipt single tenant, or NNN, property sales please email me.

Dougall McCorkle, MBA
Sales Associate and Commercial Specialist

Premier Commercial, Inc., Licensed Real Estate Brokers
Direct: 239.213.7234
Cell: 239.860.3368

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