NORTHBROOK, IL-Three properties leased to drug store chains have been sold at capitalization rates of 8.3% or less, while a building housing a restaurant traded at a 7.2% cap rate. The combined value of the deals in three Southern states, all brokered by The Boulder Group, totaled $11.6 million.

Chicago investors involved in Section 1031 exchanges bought stores leased to Walgreen’s in Texas. A 13,650-sf building in Missouri City sold for $5.14 million, representing a 7.0% cap rate, while a 14,490-sf building in Leander traded for $3.87 million, a 6.9% cap rate. They opted for the properties triple-net-leased to Walgreen’s for 25 years after selling vacant land.

Meanwhile, a 10.767-sf store occupied by Eckerd’s on a 20-year double-net lease was sold for $2.55 million, at an 8.3% cap rate. A Chicago investor bought the property after selling a multifamily rental complex as part of a Section 1031 exchange.

A St. Louis investor paid $583,000 for a 5,100-sf building in Monroe, LA used by the Applebee’s restaurant chain through a 20-year ground lease. The deal represents a 7.2% cap rate for the investor, who also sold a multifamily rental building as part of a Section 1031 exchange.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.