MIAMI—Walgreens are a hot commodity—and harder for investors toget their hands on—in today's market. But HerrickCompany managed to pick up 29 of them in one fellswoop.

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Herrick affiliates just spent $100 million to buy 29pharmacy-retail properties in markets across theUnited States. All of the properties are occupied by Walgreensunder long-term triple net leases.

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“We continue to be successful in identifying and executing onopportunities to strategically expand our portfolio ofsingle-tenant, long-term net leased assets,” says NortonHerrick, chairman of the company that holds his name.“With significant competition in the market, our ability to movequickly to closing positions us strongly for these types of highlydesirable investments.”

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The Walgreens leases each have 25 years remaining on the term.Prudential Insurance financed the portfolioacquisition.

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The $100 deal is another example of Herrick pressing forwardwith its strategy to invest in single-tenant, long-term netleased assets that are occupied by credit tenants. Earlierthis year, the company spent $190 million on a portfolio of 63 pharmacy/retailproperties, all of which are occupied under long-term triple netleases with CVS Caremark.

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