The Walgreens is located at 103 N. Murphy Rd. in the town of Murphy, 24 miles northeast of the Dallas city line. Gavin Kam, associate director of Marcus & Millichap's national retail group in Dallas, represented the Houston seller, an active Walgreens developer in Texas, while Lori Schneider and Daniel Drazien, both of Marcus & Millichap's Fort Lauderdale office handled negotiations for the buyer, Chisholm Realty Co. of Fort Lauderdale. Information about the exchanged property was not available. Marcus & Millichap Capital Corp. arranged financing through a conduit bank.
Kam tells GlobeSt.com that the transaction is a prime example of today's hot ticket: single-tenant, net-leased assets with A credit tenants. He, like others in the loop, have a number of Texas listings of national names, in most cases drug stores, which carry strong appeal for private investors in search of stability and certain investment return.
Kam says the deal was mortared by the demographics of the Murphy location, which has a three-mile trade area of 31,000 residents with an annual average household income of $71,000. The two-year-old building sits on 1.9 acres, one of three retail corners at a prime intersection, Murphy Road and FM 544, where its neighbors are a Sonic restaurant, Wal-Mart and an Albertsons-anchored shopping center.
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