Net Leased Walgreens Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 3045 Broadway Boulevard in Garland, TX for $4,273,000.

The 15,068 square foot Walgreens benefits from its location at the intersection of Broadway Boulevard and Centerville Road (40,600), two miles from Interstate 635 (205,000 VPD). Retailers nearby include Chase Bank, Sherwin-Williams, Ollie’s Bargain Outlet, Public Storage,   T-Mobile, dd’s Discounts, and many others. The population exceeds 321,000 within a five-mile radius, with an average annual household income of $96,268.

This triple net lease has over 13 years remaining with twelve 5-year renewal options. There are 5% rental escalations every 5 years. The lease is corporately guaranteed by Walgreens, which was ranked #28 in the 2024 Fortune 500 list.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a private investor based in Texas and the seller is a private commercial real estate firm.

“Walgreens properties with recent lease extensions in income tax-free states continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner at The Boulder Group, added, “This deal signifies that investors still value reputable tenants like Walgreens despite recent challenges in the drug store sector.”

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