FORT LAUDERDALE, FL-An eight-property Walgreens pharmacy portfolio spanning four states owned by Miami Gardens-based Lifter Realty Inc. has sold to Walgreen Co. and its subsidiaries, who, for $34.7 million. Deerfield, IL-based Walgreen, which had the right of first refusal, paid an aggressive cap rate for the stores though that rate was not disclosed, according to Marcus & Millichap, which handled the transaction.
The seller, Miami Gardens-based Lifter Realty Inc., was represented by Marc E. Strauss, a vice president of investments and senior director of Marcus & Millichap's National Retail Group, and Brian Rosen, an investment specialist, both with the firm's Fort Lauderdale office. Adam Christofferson of the Denver office, Solomon Poretsky of the Minneapolis office and Edward Jordan of the firm's Manhattan office all assisted in the transaction.
"The portfolio was marketed as a package due to a single loan encumbering a large portion of the portfolio," Strauss said in a release. "With six to 13 years remaining on the double net-leases, the properties were less attractive than many of the new 25-year, triple-net leased Walgreens stores currently on the market."
The portfolio includes a 15,525-sf store in Ocala, FL; a 15,525-sf store in Sanford, FL; a 13,905-sf store in Lynn Haven, FL; a 13,450-sf store in Niagara Falls, NY; a 15,150-sf store in Hempstead, NY; a 13,500-sf store in Colorado Springs, CO; a 13,905-sf store in Denver, CO; and a13,905-sf store in Minneapolis.
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