A lucrative portfolio of long-term-leased East Coast Walgreens store sites – two of them in Connecticut – has sold for $68.7 million to a Midwest investor, authorities say.
The Walgreens at 980 Farmington Ave. in Berlin and another at 1036 W. Main St. in Branford were among them, Illinois commercial realty broker The Boulder Group said Thursday.
The rest were spread among Massachusetts, New Hampshire, New Jersey and New York,
Boulder Group President Randy Blankstein declined to name the buyer and seller.
However, Blankstein said the buyer, a Midwest institutional investor, was among a spirited group of bidders eager to lay hands on a rich concentration of properties with two decades or more remaining on their leases to a deep-pocketed tenant such as Walgreen’s.
“Walgreens properties with over 20 years of lease term are one of the most sought after assets in the single tenant net lease market … ” Boulder Group partner Jimmy Goodman said in a statement.
In addition to drug stores throughout Connecticut, Walgreen’s operates a mammoth regional distribution facility in Windsor.
