Walgreens – Cleveland
Tenancy Type: National
Lease Type: NNN
Address: 4071 Lee Road
The Cooper Commercial Investment Group is pleased to announce the sale of the Walgreens located at 4071 Lee Road in Cleveland, Ohio. Bob Havasi and Dan Cooper of the Cooper Commercial Investment Group in Cleveland, Ohio, had the privilege to represent the seller, a privately-owned investment group out of New York, while the buyer was a private investor out of Florida. The sale of the property was for $5,385,000, which was 94% of the original list price, representing a 6.90% CAP Rate.
Walgreens is on a 20-year, corporately guaranteed, Triple Net (NNN) Lease with approximately 7 years of original term remaining. The Walgreens is strategically positioned in the main retail corridor and is surrounded by a heavy concentration of residential homes, national retailers, schools, hospitals and entertainment. The freestanding building was built in 2002 to accommodate its single tenant, who hand-picked this particular location for the necessity of their services and products to the surrounding residential community. The Cooper Commercial Investment Group looks forward to working with parties interested in selling or looking to acquire other similar commercial assets and encourages you to contact them for a no obligation evaluation of your commercial property. Visit them on-line at www.coopergrp.com for the most up-to-date listings and information. Stay connected, “Like” them on Facebook and follow them on Twitter @TheCooperGrp.