ATLANTA-A two-store Walgreen’s portfolio in the Atlanta area hassold for $11 million. The sale of the retail buildings in Lilburnand Douglasville marks an ongoing trend: investors parking cash indeals that commercial real estate industry watchers compare toowning corporate bonds.
A private institutional commercial real estate investment groupin New York City paid $395-per-square-foot in cash for theproperties. The seller is an Atlanta-based preferred Walgreen’sdeveloper.
Sean Attaway Molloy, senior director of Franklin Street RealEstate Services, represented the seller in both transactions.Molloy tells GlobeSt.com he fielded about 25 offers on theWalgreen’s portfolio. The buyer put the property under contract andclosed on the deal in 40 days at a blended cap rate of about7.65%.
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