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ROCKWALL, TX-A Dallas-based merchant builder continues building and selling, with the most recent transaction consisting of a just-completed, 14,820-square-foot Walgreens Pharmacy retail store. A buyer from the northeast, experienced in acquiring and owning net-leased properties, acquired the asset for just shy of $5 million.

Seller Salvo Real Estate Solutions, doing business as SR Rockwall 205 LLC received five offers for the facility at 2007 N. Goliad St. in the eastern Dallas suburb. Seller representative Gil Warner, senior director with Stan Johnson Co.’s Tulsa, OK office tells GlobeSt.com that the asset went to the buyer with the best offer.

“This is the first time this buyer and seller have done business together, but we’ve closed other Walgreens deals with this buyer,” Warner adds. “We knew the buyer was qualified. He buys maybe two net-leased properties a year.”

Stan Johnson Co.’s Rod Pickney and Chad Byerly teamed with Warner to represent the seller, while Jeff Hughes and Brad Pepin, also with Stan Johnson Co., were on hand for the buyer. All brokers operate from the company’s Tulsa office.

This Walgreens that just sold is across the street from a CVS and is in a growing part of Rockwall. Walgreens signed a 25-year-lease, valued at around $9 million, which commenced in February 2009.

According to the company’s website, Salvo Real Estate Solutions develops a variety of retail and office product ranging from net-lease build-to-suit to speculative. Warner says the company has developed Walgreens over the years. More product is both on the market and in the pipeline.

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