Wednesday, June 13, 2012

Nine Net Leased Properties in Northeast Trade for $68.7M

"A portfolio of nine single-tenant, net-leased Walgreens retail properties located in the northeast have sold for $68.7 million, for an average per-square-foot price of almost $699.

The portfolio totals nearly 100,000 square feet, spanning Connecticut, Massachusetts, New Hampshire and New Jersey, including the Philadelphia and New York MSAs. The nine properties include:
980 Farmington Avenue in Berlin, CT
1036 West Main Street in Branford, CT
880 North Montello Street in Brockton, MA
1 Glenwood Avenue in Dover, NH
17 Crystal Avenue in Derry, NH
897 Main Street in Melrose, MA
20 West Kings Highway in Mount Ephraim, NJ
1131 US Highway 46 in Ledgewood, NJ
500 Egg Harbor Road in Sewell, NJ

"This portfolio represented a rare opportunity for an investor to acquire a large portfolio of long term triple net leased Walgreens properties and we were able to achieve a sale price within one percent of the asking price.Walgreens properties with over 20 years of lease term are one of the most sought after assets in the single tenant net lease market, and we had strong demand for this portfolio."

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