Walgreen’s drug store in Smithtown, New York
CBRE’s Capital Markets Debt and Structured Finance team has arranged $7.8 million in acquisition financing for a triple-net-leased Walgreen’s drug store in Smithtown, New York. The asset commanded a sale price of $10.4 million.
Geoffrey Harris of CBRE’s Phoenix office arranged a 75% LTV bank loan, 10-year fixed at 4.08% with a 30-year amortization, and non-recourse. The property was exclusively listed and sold by Simon Jonna and Raymond Jonna with Marcus & Millichap in Southfield, Michigan.
“This trophy, newer-construction Walgreens is situated along the exclusive North Shore of Long Island in Smithtown, New York. The tenant occupies a 14,560-square foot prototype freestanding building located on a prime corner with a drive through pharmacy,” said Mr. Harris. “Due to the populous demographic and exceptional exposure on Main Street USA, the strong store sales for this location showcase the highest range for Walgreens Corp. anywhere in the nation, reflecting nearly three times that of the average Walgreens. This pride of ownership site ensures dedicated longevity for decades to come.”
The asset is located at 10 West Main Street in Smithtown (Long Island), New York and was built in 2006. Since its completion, the property has been home to a corporate Walgreens store. At time of sale Walgreens had 16 years remaining on its lease.
Headquartered in the greater Chicago, Illinois area, Walgreens is the largest retail drug store chain in the United States. The company operates more than 8,000 stores across the United States, including Puerto Rico and the U.S. Virgin Islands.
Veterans Affairs outpatient clinic in Tomball, Texas
CBRE’s Capital Markets Debt and Structured Finance team has arranged an $8.2 million loan in the refinancing of a Veterans Affairs outpatient clinic in Tomball, Texas.
Geoffrey Harris of CBRE’s Phoenix office arranged the 10-year, fixed-rate loan through one of CBRE’s Life Insurance Company correspondents at 3.49% with 7 years I/O and thereafter a 25-year amortization.
“The subject investment is the rare opportunity to own a property operated by the US Department of Veterans Affairs, guaranteed by the AA+ Credit Rating (S&P) of the United States Government,” said Mr. Harris. “The property is subject to a 20-year flat triple net lease with no outs. This VA Medical Center and Clinic is located at 1200 W Main Street in Tomball, Texas.”
The subject property was originally built in 1971. It underwent significant renovation in 2013 and the VA outpatient clinic opened in July the same year. The Tomball area is home to more than
