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3120 Kathleen Rd, Lakeland, FL

Sales Price: $6,115,000

Tenant: Walgreens

Lease Type: NNN

Price Per SF: $413

Cap Rate: 4.85%

Selling Agent: Steve Bogoyevac

JUST CLOSED: WALGREENS IN LAKELAND, FL

November 17, 2020

The Bogie Group has successfully brokered the acquisition of a desirable 2008 construction net leased Walgreens in Lakeland, Florida as the upleg of their client's 1031 exchange. The asset closed at a 4.85% cap rate for $6,115,000. Walgreens is known as a reliable “essential” corporate tenant with long leases, and this store is one of few Walgreens leases with regular rent increases. This asset has 15 years remaining on its lease plus 12 five-year options and five percent rent increases every five years. This property is well-located across from a Publix grocery store and near I-4. For more information, please contact Steve “Bogie” Bogoyevac at Steve.Bogoyevac@MarcusMillichap.com