Mid-America handles et lease sale for Walgreens a
with loan assumption in Madison, Wis. suburb
McFARLAND, Wisc. (January 19, 2012) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a triple net lease for a 14,550 square-foot freestanding Walgreens building in McFarland, Wisc., a suburb of Madison. The building was purchased by SAS LLC, a local group of investors, for $4.04 million. The seller was Wisconsin-based developer Larson Beach LLC.
According to Mid-America broker Tom Fritz, whose firm was the exclusive representative for the seller in the transaction, terms included an assumable loan, which expires in November 2017. The absolute NNN lease has 21 years remaining on the initial term.
Built in 2007, the building is situated on 1.34 acres at the southwest corner of Larson Beach Road and US Highway 51, a major north-south roadway in the lake-oriented community of McFarland,
12 minutes southeast of the state capital and the University of Wisconsin.
Walgreens shares the intersection with a Pick ‘N Save grocery store, McDonald’s and a BP fuel station. It is the only national drug store serving the primary trade area.
“Loan assumptions are rare in the open market,” says Fritz. “They take a long time to get approved and can be a tedious process. However, given the lack of new Walgreens on the market, we were able to find a buyer willing to roll up their sleeves and see the property to the finish line.”
Tom Fritz, Mark Goldberg and Dan Cohen comprised the Mid-America team representing the seller.
Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit www.midamericagrp.com.