By Sara Beth Williams–
After being listed on the market for about a year, a Walgreens store at a prime corner in Citrus Heights has dropped by $750,000 in price, according to commercial real estate site LoopNet.
The property, located at the intersection of Dewey Drive and Greenback Lane is currently listed for sale at $7.5 million, with the most recent update to the listing dated Sept. 11.
The freestanding retail building encompasses almost 16,000 square feet and sits on a 1.89-acre parcel, according to the listing. Walgreens is the only tenant and would remain the tenant.
The current listing does not indicate that Walgreens is closing or that the store is leaving Citrus Heights. Instead, the property is being marketed to prospective investors with the existing Walgreens lease in place.
According to the listing, the Walgreens lease has a scheduled expiration date of May 30, 2031, with six additional five-year lease options available.
The listing reports an annual net operating income of $469,950 and a 6 percent capitalization rate based on the current asking price and reported income. The asking price works out to be $456 per square foot.
The property sits at the intersection of Dewey Drive and Greenback Lane, an intersection the listing describes as a high-traffic location. Commercial marketing materials for the property have cited more than 67,000 vehicles per day at the intersection.
Earlier commercial listings of the same property last year showed a price of $8.25 million for the property.
As of the current listing, the property remains an active Walgreens location while the real estate itself is being offered for purchase.
The Sentinel reached out to brokers with Voit Real Estate Services but did not hear back by press time.
