Navigating Complexity: A Walgreens with Lasting Results
A 14,490-square-foot Walgreens in Mooresville, IN sold for $2,800,000 after more than a year of careful negotiation and deal structuring. The asset was owned by a 25-year-old family partnership, operating under a complex four-TIC trust with five separate ownership parties.
Challenges
Two Matthews™ agents faced a high-stakes challenge in the sale of a 14,490-square-foot Walgreens property in Mooresville, Indiana. The asset was held within a highly complex Four-Tenant-In-Common (TIC) trust, involving five distinct ownership parties. Negotiations began over a year prior to closing, centered around restructuring trustee responsibilities and aligning the owners toward a unified listing decision.
The most pressing operational hurdle emerged during escrow: the roof was actively leaking and required full replacement—posing a substantial risk to the buyer pool and threatening the transaction’s momentum. Simultaneously, Walgreens’ weakening credit and looming store closures added urgency to the sellers’ desire for exit.
Strategy
The agents methodically navigated the complexities by maintaining disciplined, individualized communication with each ownership party. Weekly marketing updates helped sustain alignment and momentum, while long-term trust-building efforts ensured all five owners felt heard and informed. Throughout the sale process, the agents consistently provided counsel on 1031 exchange opportunities to clarify future investment potential.
A suitable buyer, a retired Indiana University professor and seasoned local investor, was sourced directly. His interest centered on store performance, yield, and regional familiarity. However, the roof’s condition demanded careful expectation management. The agents worked closely with legal counsel to draft a contract robust enough to protect all parties while maintaining buyer confidence.
Result
The transaction closed at $2,800,000 or $212 per square foot. The 25-year-old family partnership successfully dissolved as intended: some partners chose to cash out, while others exchanged into NNN, investment-grade credit assets across the Sunbelt region, thereby reducing management responsibility and exposure to potential risks.
The buyer expressed exceptional satisfaction, citing the agent’s responsiveness, commercial real estate acumen, and problem-solving clarity as key differentiators. The deal avoided what could have been a distressed asset sale, transforming uncertainty into strategic repositioning for both buyer and seller.
Client Testimonial
The client described their experience with Christian as exceptional, especially highlighting his “outstanding” communication, stating, “There was never a time I texted him that he didn’t respond, and never a time I called that he didn’t call me back.” Christian’s responsiveness and attentiveness created a sense of trust and partnership, particularly valued during a complex transaction.
In terms of expertise, the client appreciated Christian’s honesty and depth of knowledge in commercial real estate: “He was very clear on what he wasn’t an expert in—he’s not a lawyer and not an accountant—but he is incredibly thorough in commercial real estate.” He listened closely and demonstrated a strong understanding of both the immediate exchange needs and the broader portfolio strategy.
The client emphasized Christian’s problem-solving abilities as a key differentiator, especially regarding a trust issue they had struggled with for years. “For every problem, he brought an equal number of solutions—refreshing, thoughtful, and actionable.”
Reflecting on the outcome, the client expressed satisfaction with the final result: “We avoided a scary situation with Walgreens closing stores, and I couldn’t be more pleased to have exchanged into a Dollar General in this economy.” The financials of the exchange also aligned well with their goals.
Overall, the client noted, “It would be very hard for me to work with anyone other than Christian after this experience.” They concluded by praising his strategic approach: “Christian is much more of a commercial quarterback than just a real estate agent. He really looks at the whole situation and acts as the point person for connecting all the dots.”
