SPRINGFIELD, MO - [June 28, 2019] - Blue West Capital has completed the sale of a single tenant net leased Walgreens property located at 1140 E Kearney Street in Springfield, MO for $2,875,000. Zach Wright of Blue West Capital, in conjunction with David Wright of Lawyers Realty Co., LLC, represented both the seller and purchaser in the transaction. The seller was a Midwest-based high-net-worth investor and the purchaser was a private investment fund.
Walgreens has operated at this location since 1996 and recently signed an early lease extension. The 13,500 square foot property is located at the signalized intersection of East Kearney Street and North National Avenue which experiences traffic counts in excess of 37,000 vehicles per day. The property is positioned approximately two miles west of the corporate headquarters for Bass Pro Shops and is just south of Interstate 44.
Walgreens operates over 9,500 locations nationwide and is headquartered in Deerfield, IL. Walgreens is a subsidiary of Walgreens Boots Alliance, Inc. Both Walgreens Co. and Walgreens Boots Alliance, Inc. are investment grade rated companies with Standard & Poor’s ratings of BBB. The company is publicly traded (NASDAQ: WBA) with a market capitalization in excess of $48 billion.
“Investors continue to seek Walgreens properties as they are an investment grade tenant that often signs long term leases with minimal landlord responsibilities. The properties are well-located and typically positioned at heavily trafficked signalized intersections,” said Zach Wright, Director of Net Lease Investment Sales.
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