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You are here: Home / Commercial Real Estate & Developers / Colliers International helps sell portfolio of 10 Walgreens in Florida and Georgia

Colliers International helps sell portfolio of 10 Walgreens in Florida and Georgia

September 27, 2018 by Post

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.

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

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Filed Under: Commercial Real Estate & Developers, Restaurants, Food

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