ARLINGTON, TX-Two Walgreens, listed for a combined $6 million, have gone to an East Coast partnership in a 1031 Exchange that turned around proceeds from a New York City-area office building.

The investment group, whose name is being kept hushed, is replacing multi-tenant properties with net-leased ones to lessen the management load, Sam Lewis of Grubb & Ellis Co. in Dallas explains to Seller and developer Suncor’s ongoing divestiture of its Walgreens offered just what the buyer was seeking. To date this year, Suncor has sold 10 Walgreens in Texas and 24 nationwide, according to Sandy Aron of Hunington Properties in Houston.

Aron, who represented Suncor, said the four-year-old Walgreens are tied to 20-year leases. The properties, consisting of 1.85 acres each, brought close to the $6-million asking price, he says.

Lewis negotiated on behalf of the buyer, who now holds deeds to 13,900-sf Walgreens at the Arlington intersections of Matlock and Green Oaks and Kelly Elliott and Green Oaks. The buyer owns one more Walgreens and an Eckerds, both in North Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.