West Orange, N.J. — Paul V. Profeta and Associates, a real estate investment firm, has completed the sale of 12 Walgreens properties in nine states to Inland Real Estate Acquisitions. The purchase price was $60 million or more than $330 per square foot.
All of the properties are occupied under long-term 75-year triple-net leases with the Walgreens pharmacy chain. Walgreens has the right to cancel after 25 years.
“There is a very large, vibrant market for these types of assets, which are the least management-intensive commercial properties to own,” said Paul V. Profeta, principal of Paul V. Profeta and Associates. “Real estate investment trusts and large funds (such as private equity or pension funds) in particular are among the most active investors in single tenant net lease properties, which are also attractive to 1031 exchange buyers.”
CBRE’s Net Leased Property Group represented Profeta in the transaction.