San Francisco-based Seven Hills Properties has closed on a 1.8-acre parcel at the southwest corner of Third Street and Franklin Avenue. The full city block was purchased by the Walgreens preferred developer and will be one of two new Walgreens pharmacies slated for development in Bend.
Gardner Williams, SIOR, partner with Compass Commercial Real Estate Services represented Floyd Lewis Real Estate in the sale of the corner property for a transaction value of $2.815 million or $35 per square foot. The property was not listed on the market.
“Walgreens has been scouting for sites in Bend for over 10 years,” said Williams. “They have very high standards and seek only locations at major lighted intersections. This site met all the requirements but was not available for purchase until now.”
Hawkins Development out of Boise, Idaho has proposed a Walgreens at the Pilot Butte Cinema site on Bend’s east side, but that deal has not yet closed.
“This uptick in activity and Walgreens’ interest in Bend and this particular property is indicative of the thawing of the recession and the fact that banks are willing to lend again to credit tenants,” Williams added.
Kirby Nagelhout is general contractor for the Franklin and Third Street project that is scheduled to begin construction next month.
For more information regarding this transaction, contact Gardner Williams, SIOR at Compass Commercial at 541.383.2444.
Compass Commercial, (www.compasscommercial.com) headquartered in Bend is Central Oregon’s leading commercial real estate firm offering services in sales and leasing, tenant/buyer representation, asset and property management, and development services. Follow us on Twitter @CompassCom.