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1.12.2009
Capital Pacific Starts '09 With Walgreens Closing
 Capital Pacific is off to a great start in 2009 with the recent disposition of a Walgreens located in Hillsboro, Oregon. The Property was recently constructed with Walgreens taking occupancy in November. Capital Pacific assisted both the buyer and seller as they worked through development related issues including:
- A partition plat plus recording documents that the county/city needed to place restrictions on the property.
- Amendments to the lease.
- Completion of punch list items.
Historically viewed as the gold standard of net leases due to their relatively strong sales and credit, today’s reality is a surplus of Walgreens actively listed on the market and a limited supply of buyers. The imbalance of supply versus demand has put upward pressure on cap rates. However, Capital Pacific’s ability to find an all cash buyer focused on the intrinsics of the real estate and long term viability of the area enabled Capital Pacific to set a new “benchmark” price within these changing market conditions.
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