walgreens investment sale, delray beach
Delray Beach, FL – David Remland, Principal and Broker of Boca Raton based Remland Commercial today announced the closing of a Walgreens located at the southeast corner of Linton Blvd & Jog Rd in Delray Beach, Florida.
According to Mr. Remland, the property was formerly owned by the Ow Family Trusts from California. The buyers, a New York Investment group, payed $5,100,000 for the store representing a 5.8% cap rate on current income.
Mr. Remland stated “this is one of the most agressive cap rates ever achieved in Palm Beach County for a drugstore.” There is a brand new 44,000 SF Publix under construction adjacent to the store, further enhancing the value of the property.