Property details

Walgreens Parking Lot

Investment type

Net Lease

Asset Class

Parking

Ownership Structure

Tenancy-In-Common (TIC)

Year Acquired

2011

Investment Summary

An 8,758 square foot surface parking lot leased to Walgreens (S&P: BBB), who operates a store on the adjacent parcel. Walgreens had initially planned for 35 parking spaces, which ultimately proved inadequate to serve its high volume of customers. The adjacent lot, which features a small retail building, was acquired and converted to its current use to provide an additional 27 parking spaces.

Syndicated structured its acquisition as a Tenancy-in-Common (TIC) to accommodate investors completing a Section 1031 Exchange.