OCALA, FL-Agree Realty Corporation, a Farmington Hills,Mich.-based real estate investment trust, sold a 14,820-square-footWalgreen’s for $4.12 million to a private investor. Agree owns 30additional Walgreen’s stories in various cities.

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“We had the opportunity to get a strong price on thisWalgreen’s, and we felt it was a good opportunity to recycle ourcapital,” Ken Howe, CFO for Agree Realty Corporation, tellsGlobeSt.com. “This Walgreen’s just didn’t seem to fit into ourgeographic portfolio anymore.”

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Agree Realty has two new Florida Walgreen’s stores underconstruction, one in St. Augustine and the other in Atlantic Beach.Both of those properties are in the northern region of the state.Altogether Agree Realty owns and operates a portfolio of 75properties in 15 states spanning about 3.5 million square feet ofleasable space.

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Anthony Blanco, co-managing partner at Miami-based PlazaAdvisors, recently sold a different Walgreen’s location in Ocala.He tells GlobeSt.com that Ocala is a strong market for Walgreen’sbecause of the older demographics, but Walgreen’s are treadingheavy across the board—and across the nation.

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“In the single tenant arena for retail properties, there is aresurgence of investors coming back to the market,” Blanco tellsGlobeSt.com. “That's made possible by the increased availability offinancing for these asset types and an appetite for alternativeinvestments. Returns on a Walgreen’s investment are double or eventriple what you can get at the local bank.”

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Along with Publix-anchored shopping centers, investors havetargeted Walgreen’s properties across the Southeast, with Floridaremaining a hot spot. Marcus & Millichap sold a Walgreen’s inDaytona for $2.39 million earlier this month. A Walgreen’s buildingtraded in Holden Beach, N.C. for $4.4 million last month, alongwith two Walgreen’s trading in the Atlanta suburbs for $11million.

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