Inland acquires 12 Walgreens properties for $60 million
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.
Big Lots to Times Square Mall, Mount Vernon, Ill.
Mount Vernon, Ill. — Big Lots has signed a lease for 32,022 sq. ft. at Times Square Mall in Mount Vernon, Ill., about 80 miles east of St. Louis. The store is slated to open in the first quarter of 2014.
Dick’s Sporting Goods to Oakwood Center in Gretna, La.
Pittsburgh — Dick’s Sporting Goods has announced the grand opening weekend of its new location in Oakwood Center in Gretna, La., beginning Sept. 13.
The Gretna location will be the retailer’s fifth store in Louisiana and its 530th nationwide.