JLL Capital Markets Closes Record-Setting Sale of Walgreens in Austin

JLL Capital Markets has closed the record-setting sale of a 13,833-square-foot single-tenant retail store triple net leased to a high-performing Walgreens in Austin, TX. JLL marketed the property on behalf of the seller, Swanson Development Company. Sikka Investments acquired the asset in a sale with a 3.69% capitalization rate, a record for Walgreens stores in the country.

The tenant is a top performer by annual sales and, after operating at the property for more than two decades, recently demonstrated its commitment to the location with a new, 15-year lease. 

The building is positioned on 1.86 acres at 6200 W. William Cannon Dr. in a dense southwest Austin retail and medical corridor surrounded by several private medical practices and popular daily needs tenants. This high-growth location has already seen its population within three miles balloon by 18.43 percent, and, due to Austin attracting corporate relocations.