New Britain pharmacy property sells for $2.89M

A New Britain property hosting a Walgreens pharmacy sold for $2.89 million in November.

According to a deed filed Nov. 13, the Meislin 1999 Family Trust sold the 9,600-square-foot building on 1.2 acres at 1350 Stanley St. 1350 Stanley Street JL LLC, whose principal is James A. Lack, of Needham, Massachusetts, according to state business records. 

The buyer acquired the property as an investment, according to listing broker Bob Stolkin, of Sonoma, California-based First Street Brokerage.

The property had gone to market with a six-year lease to the pharmacy, which was then renegotiated to a 10-year lease with extension options, said Stolkin. That made the property far more attractive, as it reduced risk, opened up financing options and demonstrated Walgreens’ long-term interest in the site, he said.

Completed in 1999, the building first hosted a Brooks Pharmacy, then a Rite Aid. It was converted to a Walgreens in 2017, according to Stolkin.