The 14,490-sf drug store is positioned 1.56 acres at the intersection of Interstate 20, Loop 820 and US Highway 377, confirms Sarah Bladen, operations manager for Marcus & Millichap Capital Corp. in California. Dan Litman of Marcus & Millichap's Encino, CA office originated the conduit loan through LaSalle Bank. The fixed-rate financing is amortized over 30 years. The interest rate was 240 basis points over the 10-year treasury.
The identities of buyer and seller are being kept under wraps. But, Marcus & Millichap has confided that the buyer swapped out 25,000-sf multi-tenant retail center in Los Angeles for the Deerfield, IL-based Walgreen's, which is locked into a 20-year lease. The creditworthy tenant's financial profile comes with a $3-billion corporate guarantee, $23 billion in sales and $5 billion in net worth. Texas ranks third with 368 stores in the Walgreen 3,678-location portfolio spanning 43 states and Puerto Rico.
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