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NY Investor Group Acquires Rare Walgreens Outside Continental U.S.
Stan Johnson Company (SJC) completed the sale of a single-tenant drugstore leased to Walgreens located at Bo Pajaros Carr 861 Km 3.1 in Bayamon, Puerto Rico. The asset traded for $11.5 million.
SJC’s Brandon Duff, Austin Duff, Daniel Herrold and Tom Fritz represented the seller, an individual investor from Fort Lauderdale, FL. The property was purchased by Bluejay Management LLC, an investor group based in Lawrence, NY.
“Currently, properties located in Puerto Rico are not eligible for 1031 like-kind exchanges,” said Austin Duff. “This did present a challenge; however, the longer lease term and the high level of non-1031 investor interest we had allowed us to overcome this objection and maximize value for ownership.”
The property was a new build-to-suit in 2015 and is leased to Walgreens under a long-term absolute triple net lease. The property comprises a total of 15,560 square feet with a drive-thru.
- ◦Sale/Acquisition
