Secured buyer for a Walgreens with a required CMBS loan assumption
San Diego, Calif. (April 26, 2018) – SRS’ National Net Lease Group recently announced the sale of a 14,820-square-foot single tenant Walgreens drugstore in Citrus Heights (Sacramento MSA), California. Walgreens is the largest drugstore chain the U.S. with over 8,200 stores. The Orange County buyer acquired the property located at 6199 Sunrise Boulevard for $10.95 million with approximately 15 years remaining on the initial term and a CMBS loan assumption.
“Both buyer and seller were highly motivated,” said Sam Hanna, senior vice president in SRS’ San Diego office. “This transaction sold in under 30 days, which is unheard of with any type of loan assumption let alone a CMBS loan assumption.”
Walgreens, Citrus Heights is on the hard corner intersection of Greenback Lane and Sunrise Boulevard which has a combined 80,300 cars per day. Sunrise Mall, a 1.2 million-square-foot super-regional shopping center anchored by Macy’s, JCPenney and Sears with over 120 stores and restaurants, is across the street from Walgreens. The property is an outparcel to a Lowe’s anchored center, and is shadow anchored by other major national/credit tenants that include Walmart, Target, Best Buy, Michael’s and Barnes & Noble.
“In today’s trending growth market, pricing investments correctly is imperative to yielding the best results. Working hand in hand with both buyer and seller, we were able to move quickly to maximize the seller’s exit with the perfect trade buyer,” says Ara Rostamian, vice president in SRS’ Newport Beach office.
Sam Hanna, senior vice president, Ara Rostamian, vice president and Patrick Luther, managing principal of SRS’ National Net Lease Group, worked with both the buyer and seller on the transaction.
About SRS Real Estate Partners
SRS Real Estate Partners (SRS) is the largest national real estate company in the country exclusively dedicated to retail services. Headquartered in Dallas with multiple offices nationwide, SRS’ strong presence across the country provides the company with unparalleled local knowledge on a national platform. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. For more information, please visit www.srsre.com.