LOS ANGELES—Los Angeles Car Wash Corporation has bought a Walgreen’s store in Federal, Way, WA, and another in El Paso, TX.
The company will continue to operate them under the Walgreen’s brand.
Rod Delson, senior vice president with NAI Capital’s Westlake Village office, represented the buyer,, in two separate transactions acquiring Walgreens retail properties. The combined sales transaction value for both properties was $11.2 million.
Delson notes, “Both stores will remain Walgreens Pharmacies. They have long term leases guaranteed by Walgreens corporation which is very strong, that and the fact that both stores were purchased above a 6 cap gave the buyer long term, secured high return on his investment.”
The first transaction was a 14,446 sq. ft. retail property located at 28817 Military Road in Federal Way, purchased from the 28817 Military Road South LLC. Federal Way Washington is a suburb of Seattle and is located on the Puget Sound with an easy commute to Seattle. The value of the sales transaction was $6.75 Million.
The second transaction was a 14,490 sq. ft. Walgreen’s retail property located at 2950 George Dieter Drive in El Paso, TX from the seller, SJW Land Company. The property is located near the Medical Center of the Americas campus which maintains numerous full service hospitals, medical centers, clinics, research facilities. The value of the second sales transaction was $4.45 Million.