Walgreens, 24-Unit Garland Complex Trade

DALLAS-Investors, near and far, acquire a Walgreens in the suburb of Trophy Club while an unrelated deal brings the closing of a 24-unit complex in Garland. In Oklahoma, an investment sale of a 13,855-sf retail building, neighbor to a Wal-Mart Supercenter, also gets final signatures.

The Walgreens leveraged a permanent first mortgage of more than $2.5 million, placed with a life insurance company. The borrower is a private investor from Nebraska.

The recently completed 14,490-sf Walgreens is situated one acre at the crossroads of Texas 114 and Trophy Lake Drive. It was built in front of a new Tom Thumb-anchored shopping center developed by the Texas team for Florida-based Regency Centers.

The buyer got a 20-year lease for the national retailer, Dallas-based Metropolitan Capital Advisors’ principal Scott Lynn tells GlobeSt.com. The 15-year loan has 7% interest rate an bears a 75% LTV.

In Garland, a local investment group bought the Scott Gardens, a 24-unit complex at 1550 E. Miller Rd. Robert Stone, senior vice president of Dallas’ Henry S. Miller Commercial’s multifamily division, represented the buyer. Mark Porterfield of Robinson Management Group negotiated the deal for seller, Austin R&W Inc.

The Henry S. Miller Commercial team of Vaughn Miller and Robert Lamm recently brokered the sale of a 13,855-sf building on a Wal-Mart Supercenter out parcel in the Sapulpa Plaza at 1012 W. Taft. The team says the buy is a class A investment. Robert Traband of Traband Realty Corp. of Tulsa brokered the buyer’s side of the deal while Miller and Lamm represented the seller, Schnellmann Oklahoma LLC, an entity of WM&K of Hot Springs, AR.