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$7.2m Walgreens Lake Stevens Sale November 1, 2010

Posted by Sean Tufts in Retail News, Retail Sales Comps, Sale.
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The second brand new Walgreens in the Puget Sound area was purchased just over a week ago.  The new Lake Stevens building had been on the market with an asking CAP rate of 7.3%.  The recorded sales price calculates to a 7.6% CAP.  This is nearly the same as the CAP rate as the other Walgreens sale in Renton earlier this year that sold at a 7.65% CAP.  It also matches the $485/sf of the Renton sale exactly.   Bank of America provided the financing to the Virgina based company that purchased the deal.

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