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What should the asking cap rate of a new Walgreens lease be? A survey of today’s offerings suggests in the 5-6% range. However, those rates do not line up with reality and act as if Walgreen’s credit was never downgraded. In-fact asking cap rates for Walgreens do not appear to have changed since the downgrade was first discussed in June and implemented in August. It’s as if sellers are trying to prop up the Walgreens brand by will power alone. The reality is closing rates have risen since downgrade but asking rates have not.

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