An Illinois investor completed a Section 1031 exchange, swapping a multifamily rental property for a 15,120-sf McHenry Walgreens store. At $4.46 million, the investor buys in at an 8.18% cap rate, according to Syndicated Equities.
Another investor swapped land for the Bolingbrook Walgreens, paying $1.87 million for the 13,500-sf property, receiving an 8.52% cap rate.
Meanwhile, a Chicago investor paid $5.4 million for a 13,125-sf Toledo, OH Walgreens, buying at an 8.25% cap rate.
Other deals were not as far afield. A local investor paid $5.26 million for a 15,120-sf Walgreens in Weymouth, MA, buying at an 8.32% cap rate. A Michigan investor swapped an office building to buy another 15,120-sf Walgreens in Warren, MI for $4.76 million, an 8.51% cap rate.
Two other Walgreens deals were closed in Escondido, CA ($3.76 million, 7.95% cap rate) and Wichita Falls, TX ($3.53 million, 8.50% cap rate).
Meanwhile, a 10,125-sf CVS drug store sold for $3.62 million in Royersford, PA to a Florida investor while a 5,040-sf Hollywood Video sold for $930,000 in San Angelo, TX, providing the investor with a 9.85% cap rate.
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