Walgreens Fulfills Owner's Strategy Change

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 GlobeSt.com. 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.