Sale of the drug stores totals more than $55 million
TAMPA, Fla. (Sept. 27, 2018) – Colliers International Tampa Bay has helped sell a portfolio of 10 Walgreens locations in Florida and Georgia, finding buyers in several markets for deals worth more than $55 million combined.
The seller, Olympia Development Group, Inc., is the original developer of all the Walgreens involved in the sale. The commercial real estate development company is selling some of its existing retail properties because its investment strategy is changing to developing and owning hotels and resorts.
Colliers International Tampa Bay’s Mike Milano, CCIM, MAI, and Sean Glickman, CCIM, both Executive Managing Directors, along with Donald Jennewein, Nathan Lynch and Tara Paronto, represented the seller. Additionally, Jereme Snyder and Eric Carlton, Executive Vice Presidents with Colliers National Net Lease Group in Irvine, California, headed up the marketing campaign.
Six of the locations were bought by a California-based real estate investment company, while private investors purchased the other four locations as part of a 1031 tax exchange. All 10 of the Walgreens are single-tenant, net-leased properties.
The selling prices of the drug store locations ranged from $2.7 million to $8.15 million each. Each building contains between 15,000 and 17,000 square feet.
“By offering the Walgreens to different buyers and breaking up the portfolio, we succeeded in finding suitable buyers in each market,” Milano said. “Another advantage was that many of these properties are net leased, single-tenant buildings, which are in demand. They are easy to manage, and Walgreens is considered an investment-grade tenant with surety of rental income.”
Two of the Walgreens are in Naples, Florida, and the other Florida locations are in Sarasota, Temple Terrace, Bradenton, Merritt Island, Seminole, Dunedin and Oldsmar. The one Georgia property is in Lawrenceville.
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