Walgreens, Cooper City, FL
Full Asking Price | Record CAP Rate Sale
Scope of Assignment
Helping a repeat large private equity investment fund acquire, add value to the property by getting a lease extension executed and upgrading the property with a new roof, paint, and resealing and restriping the parking lot to maximize value and resell the property for a profit.
We sold the property for full asking price at a 5.0% CAP which remains a Record Selling Cap Rate for a NN Walgreens in Florida with only 12 years remaining on the lease. 60 days after representing the buyer on the acquisition of this property for $5,150,000 we successfully secured an early lease extension from Walgreens from 5 yrs to 12 yrs. Being that this property had a Double Net “NN” lease structure, we suggested to our client to replace the existing roof with a transferable / renewable roof warranty and reseal & restripe the parking lot to help maximize the value. This Paid off BIG TIME and paid a huge dividends. Not only did this help differentiate this Walgreens from the other 179 active Walgreens properties on the market but it also opened up the buyer pool to those who were hesitant to buy a property with Landlord responsibilities. Within just 5 days after listing the property we had procured a total of 11 offers with several at Full Asking Price. We choose the perfect 1031 Exchange Buyer at the end of their exchange period who successfully closed on this asset just 30 days later for $6,680,000, netting our client a Profit of $1,530,000 in just 90 days from start to finish.