Exchange Buyer Claims Freestanding Walgreens

A 1031 exchange buyer based in St. Helena, CT is now the owner of a 14,577-square-foot, freestanding Walgreens drugstore in the Austin suburb of Bee Cave, TX. The owner, operating under the name Lynn Douglas G Trust Agreement, paid $6.4 million at a 5.4% cap rate to California seller Maxsam Capital Corp. for the property at 12200 Bee Cave Pkwy.

Tom Georges and Jon Cohen Stan Johnson Co. represented the seller. The asset is adjacent to the 1.3-million-square-foot Hill Country Galleria, making it “a great property in a great submarket,” Georges said. He added that the tenant has more than 15 years remaining on its triple-net lease.

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