HERRICK CO. ACQUIRES 29 WALGREENS LOCATIONS FOR $100M
BOCA RATON, FLA. — Affiliates of The Herrick Co. Inc., a commercial real estate investor based in Boca Raton, recently closed on the purchase of 29 pharmacy/retail properties throughout the United States. The properties, all of which are occupied under long-term triple net leases with The Walgreens Co., were acquired for approximately $100 million.
The transaction is a continuation of The Herrick Co.’s strategy to invest in single-tenant, long-term net leased assets that are occupied by credit tenants. Earlier this year, the company acquired a portfolio of 63 pharmacy/retail properties, each occupied under long-term triple net leases with CVS Caremark Co.
The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term.
“We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of single-tenant, long-term net leased assets,” says Herrick. “With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments.”
Affiliates of The Herrick Co. purchased the Walgreens portfolio with financing provided by Prudential Insurance.
Herrick has completed more than $5 billion in transactions throughout its history. The company focuses on single-tenant, net-leased office, industrial and retail properties in markets throughout the U.S., as well as undeveloped oceanfront and intercoastal land sites in Southeast Florida.
-— Haisten Willis