Eckerd's Site Brings $4.4M in 1031 Exchange

BELLAIRE, TX-Using money from a 1031 Exchange, Chicago investor EBC Ventures has paid $4.4 million for a 10,908-sf Eckerd’s in Bellaire, a southwestern suburb of Houston.

There are 18 years left on the Eckerd lease at 5422 Bellaire Blvd., Randy Blankstein, president of the Boulder Group in Chicago, tells GlobeSt.com. The drug store chain has a triple net lease on the three-year-old property sold by Shelby/Estus Developments of Houston. According to the Harris County Appraisal District, the 1.16-acre development is assessed at $1.5 million for 2002.

Blankstein says the buyer sold an apartment building in Chicago for the first leg of the exchange. He adds that demographics are so favorable in certain pockets of Houston that interest is high by investors, in and out of state. Blankstein’s firm specializes in single-tenant, triple net-lease properties.