SOLD: Long-Term Net-Leased Walgreens in Lexington Trades


Lexington, KY – Nick Miner, CCIM of ORION Investment Real Estate reports selling a long-term net-leased Walgreens property spanning 15,120 square feet. The property sold for $2,865,000 or $189.48 per square foot, at a healthy 7.1% cap rate. Miner represented the Buyer in the transaction, his long-time client Stuck Living Trust. The Seller, DBR Holdings LLC, was self-represented.

Located right off of the KY-4, New Circle Road, just northwest of Bryan Avenue, the Walgreens property advantages from superb visibility, and a beneficial mix of nearby tenants, including a gas station, hotel, and quick eateries like White Castle and Dunkin’. The subject property even included a billboard sign as an additional income-generating asset.

Nick Miner, CCIM, Senior Vice President at ORION commented, “This transaction was a win-win for both parties. Stuck Living Trust, the Buyer, is a long-time client of mine. They were continually being outbid on similar properties in a 1031 exchange in the Arizona market until we looked outside the market and found this property. “

Miner continued, “This property was on the market for just a day when I reached out to the Seller – We negotiated the transaction, taking it to escrow in short order.”

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