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CONROE, TX-A 1031 Exchange investor from Miami has purchased a 13,824-sf Eckerd drug store at 910 W. Davis St. in Conroe, about 40 miles north of Houston’s CBD.

The buyer liquidated apartment complexes and office buildings in Florida and is using the exchange money to buy select properties throughout the country with particular emphasis in Texas, Don R. Smith, vice president of Kinghorn, Driver, Hough & Co. in Houston tells GlobeSt.com. He says Eckerd holds a 20-year lease for the site.

The Montgomery County Appraisal District assesses the one-year-old building and 3.2 acres at $1.3 million. Neither the asking nor selling price was available. Smith arranged a 10-year acquisition loan with a 25-year amortization through GE Capital.

Shelby Estus Realty Group of Houston is the seller. “This property attracted interest from several lenders due to its high quality construction and historical sales,” Smith said in a press release. The seller has developed more than 63 Eckerd sites in Texas and Louisiana.

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