A limited liability co. controlled by the owner of convenience store chain Sam’s Food Stores recently paid $3.33 million for an East Hartford pharmacy building.
A 14,544-square-foot, brick-and-mortar pharmacy building on 1.7 acres at 20 Connecticut Blvd., hosts a Walgreens and sold to an LLC headed by prolific Wethersfield-based entrepreneur Naeem Khalid in a deed recorded by the town on Nov. 27.
The seller was an LLC affiliated with Massachusetts-based First Merchants Group, a real estate investment and development group once heavily involved in East Hartford.
The listing broker was Thomas York, of Goman + York Property Advisors.
York confirmed Walgreens maintains a lease, with the opportunity to continue renting for decades more. The property was purchased purely as an investment, he said.
The property was on the market for about a year. York said recent financial turbulance weathered by Walgreens complicated efforts to sell the property. But the location does have great visibility and fundementals, he said.
Attempts to reach Khalid were not immediately successful Tuesday morning. He was honored as a business leader and philanthropist by the Polish American Foundation of Connecticut in 2022.
A program from that award noted Khalid opened his first Sam’s Food Stores in Connecticut in 1992 and has since branched into more than 200 locations throughout Connecticut, Rhode Island, Massachusetts, New Hampshire and New York.
Khalid was recognized for launching a charity, “Sam’s Children Inc.,” which raises funds to financially support children battling life-threatening illnesses.
