TULSA, Okla. (Oct. 24, 2023) — Daniel Herrold, senior vice president, Matt Spangenberg, senior associate, and Jim Gibson, managing director, of Northmarq’s Houston office have completed the sale of a 15,120 sq. ft. Walgreens located at 13155 West Center Road in Omaha, Nebraska. The property was built in 2003 and is ranked the 4th most actively trafficked Walgreens in the Omaha MSA and 12th in the state, according to Placer.ai. Herrold and Spangenberg represented the seller, an Ohio-based shopping center investor. The buyer was a Midwest-based private equity fund.
“When we launched this listing, there were nearly 100 Walgreens on-market with three to eight years of lease term remaining. Just nine months earlier there were less, approximately 30,” said Spangenberg. “Using that data, we priced the property to out-position competing properties, secure multiple all-cash offers and drive pricing that was more aggressive than where the rest of the market eventually landed.”
The property is located near the $1.2 billion, 500-acre planned development, The Heartwood Preserve. The development will include 2,000 new homes and 2.3 million square feet of commercial space. Located on an outparcel to Montclair on Center, the property is positioned in a robust retail corridor with adjacent retailers such as Marshalls, HomeGoods, JOANN, Party City and Aldi. Walgreens featured a 25-year base term on its triple net lease with options extending through 2078.
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