JLL Capital Markets announced today it 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, Texas.
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.
A global leader in the pharmacy, health and beauty sector, Walgreens is a subsidiary of Walgreens Boots Alliance, Inc., which has a BBB (S&P) credit rating. 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. The property is in a highly visible location along West William Cannon Drive just off U.S. 290 and is seen by 90,000 vehicles per day. This high-growth location has already seen its population within three miles balloon by 18.43%, and, due to Austin attracting corporate relocations, is expected to add even more residents.
The JLL Net Lease Capital Markets team representing the seller was led by Senior Managing Director Alex Sharrin and Director Alex Geanakos, along with Director John Indelli.