Chicago investors involved in Section 1031 exchanges bought stores leased to Walgreen's in Texas. A 13,650-sf building in Missouri City sold for $5.14 million, representing a 7.0% cap rate, while a 14,490-sf building in Leander traded for $3.87 million, a 6.9% cap rate. They opted for the properties triple-net-leased to Walgreen's for 25 years after selling vacant land.
Meanwhile, a 10.767-sf store occupied by Eckerd's on a 20-year double-net lease was sold for $2.55 million, at an 8.3% cap rate. A Chicago investor bought the property after selling a multifamily rental complex as part of a Section 1031 exchange.
A St. Louis investor paid $583,000 for a 5,100-sf building in Monroe, LA used by the Applebee's restaurant chain through a 20-year ground lease. The deal represents a 7.2% cap rate for the investor, who also sold a multifamily rental building as part of a Section 1031 exchange.
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