Hanley Investment Group Arranges Sale of Single-Tenant Walgreens at Kroger-Anchored Shopping Center in Houston Metro

SPRING, Texas - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm recently completed the sale of a single-tenant Walgreens-occupied property on an outparcel to a Kroger-anchored shopping center in an affluent suburb of the Houston, Texas metro area.

Hanley Investment Group's Executive Vice President Kevin Fryman, Vice President Garrett Wood, and President Ed Hanley, in association with ParaSell, Inc., represented the seller, a private investor based in Houston. The buyer, a private investor from Alexandria, Louisiana, was represented by Melissa Gerber Brams of Gerber Realty in Houston (Bellaire, Texas).

"We procured a private 1031 exchange buyer and achieved an aggressive cap rate," said Fryman. "By advising the seller to extend Walgreens' lease, we provided the buyer with greater confidence in the store's long-term viability, thereby maximizing value."

Fryman continues, "When the seller originally acquired the 42,800-square-foot Walgreens-anchored shopping center (shadow-anchored by Kroger), it was only 53% occupied, and the Walgreens had a short-term lease. We added value by extending Walgreens' lease to over 10 years, which is important to passive single-tenant buyers. Additionally, absolute triple-net leases, with zero landlord responsibilities, are highly attractive to investors."

Built in 2001, the 14,490-square-foot Walgreens building is located within the Kroger-anchored shopping center at the signalized intersection of Spring Cypress Road and Champion Forest Drive on 1.69 acres, at 18535 Champion Forest Drive in Spring, Texas. Walgreens has a prototype store format with a drive-thru and has a large monument sign.

Nearby retailers besides Kroger, include Chipotle Mexican Grill, Taco Bell, Burger King, Pizza Hut, Wendy's, Dutch Bros Coffee, Chase bank, Imagine early education and childcare center, Postal Annex+, and Massage Envy.

Walgreens Boots Alliance (Nasdaq: WBA) is an integrated healthcare, pharmacy, and retail leader serving millions of customers and patients every day, with a 170-year heritage of caring for communities. A trusted, global innovator in retail pharmacy with approximately 12,500 locations across the U.S., Europe, and Latin America, WBA plays a critical role in the healthcare ecosystem.

According to Fryman, Spring, Texas is a high-growth, affluent suburb of the Houston metro area. The population grew by 25% between 2010 and 2020 in Spring, Texas, and is expected to grow by 11% between 2021 and 2026. The average household income within a one-mile radius is $149,000, and there are 255,000 people within a five-mile radius.

With a population of 7.34 million people, the Greater Houston area is the fifth most populated metro in the nation, trailing behind New York, Los Angeles, Chicago, and Dallas-Fort Worth. The region's population is expected to increase by over 17% from 2020 to 2029. In 2023, Houston added nearly 140,000 residents, second among U.S. metros in population growth.

The Houston metro area is the nation's energy capital and a leader in national employment. As of 2022, the Gross Domestic Product (GDP) of the Houston Metropolitan Statistical Area (MSA) was $633.2 billion. The Port of Houston was ranked #1 in the U.S. for international waterborne tonnage, handling 207 million short tons in 2023, and #2 in total foreign cargo value ($242.3 billion) in 2023. The Texas Medical Center is the world's largest concentration of health care and research institutions, hosting 10 million patient visits per year. Twenty-four companies on the 2024 Fortune 500 list are headquartered in the Houston metro area, ranking Houston #3 in the country behind New York (61) and Chicago (29) and ahead of Dallas-Fort Worth (22).

"Walgreens with long-term leases, strong sales, scheduled rent increases, and solid real estate fundamentals remain attractive to passive single-tenant buyers," said Fryman. "There is also demand from value-oriented buyers who are looking to re-tenant below-market-rent Walgreens locations with traditional, smaller box users, as well as high-rent paying QSRs. These buyers recognize that Walgreens has high-profile locations at signalized intersections."

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

For more information, visit www.hanleyinvestment.com [http://www.hanleyinvestment.com/].

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=hanley-investment-group-arranges-sale-of-singletenant-walgreens-at-krogeranchored-shopping-center-in-houston-metro]
Phone: 949.585.7674
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/



This release was published on openPR.