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Seattle & Northwest  + Pacific Northwest  + Retail  | 
Net Lease Cap

Salem-Area Walgreens Trades in 1031 Exchange

Stan Johnson Company completed the sale of a 13,775-square-foot Walgreens drugstore located at 5000 River Rd. North in Keizer, OR. The buyer was an unnamed private investor from Long Beach, CA that purchased the asset for $5.7 million at a 4.85% cap rate. The seller was an undisclosed Los Angeles-based institutional investor.

The property was originally constructed in 2008. It sits on 1.62 acres in a northern suburb of Salem, near Interstate 5. The net lease includes a 15-year base term with rent increases every five years.

Stan Johnson Company’s Pat Weibel and BJ Feller represented the seller in its 1031 exchange transaction.

Weibel says, “This Walgreens listing received a great deal of interest due to the unique nature of the lease. “The sought-after location was very desirable for buyers who continue to demand West Coast and Mountain West net lease assets.”

For comments, questions or concerns, please contact Dennis Kaiser

*Representative property photo

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
  • ◦Lease
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