Fund spends $60m on Walgreens: Inland Real Estate.
The properties, all of which are occupied under long-term leases with the Walgreens pharmacy, chain, were sold for $60 million, or more than $330 psf.
The Walgreens leases are 75 years in duration with Walgreens maintaining the right to cancel after 25 years.
The properties are located in Illinois, Kentucky, Michigan, Minnesota, Missouri, Montana, North Carolina, Ohio and Texas.
"Single tenant leases that are triple net and leased by a credit worthy tenant such as Walgreens are extremely appealing and very fungible, much more so than typical commercial real estate," said Paul V. Profeta, principal of of his eponymous firm.
Inland Real Estate Acquisitions, Inc. is a fund headquartered in Oak Brook. III., which facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. CBRE executive vice president Sterling Champ, one of the leaders of CBRE's Net Leased Property Group, brokered the transaction on behalf of Profeta.
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|Title Annotation:||SELLING POINTS|
|Comment:||Fund spends $60m on Walgreens: Inland Real Estate.(SELLING POINTS)|
|Publication:||Real Estate Weekly|
|Date:||Sep 18, 2013|
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