A freestanding Walgreens in the Bee Cave suburb was purchased by a 1031 exchange buyer.
AUSTIN, TX—The net lease market continues to take center stage in Texas and the Bee Cave submarket has strong demographics and a projected population growth of 13.02% in the next five years. The two converging elements make for an interesting dynamic.
Case in point is a freestanding Walgreens within a 14,577-square-foot building that was recently purchased here by a 1031 exchange buyer at a 5.38% cap rate. The asset is located at 12200 Bee Cave Pkwy. and is adjacent to Hill Country Galleria–a shopping mall with more than 100 shops and restaurants.
Net lease broker Stan Johnson Company completed the sale. Tom Georges and Jon Cohen represented the seller, a California-based investor. In this exclusive, Chris Adams, associate director with Stan Johnson Company, recently discussed the trends in net lease investing, retail closures and key investors.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
