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16 Walgreens Sell for $85M

CHARLOTTE, NC-Wachovia Corp. buys 16 Walgreen Co.-leased properties in eight states for $85 million-plus from Chicago-based Equity Capital.

By Dana Dubriwny | Updated on July 17, 2005

CHARLOTTE, NC-Locally based holding company Wachovia Corp. recently purchased 16 properties leased by Walgreen Co. in eight states for $85 million-plus from the privately held Chicago-based Equity Capital Management LLC. The assets are located in the Midwest and Southwest regions of the US.

All the properties are leased on a long-term basis to Walgreens and consist of stores in Georgia; Illinois; Iowa; Texas; as well as five locations in Kansas and Michigan; three stores in Missouri; and three stores in Ohio.

The seller, Equity Capital Management, creates investment funds dedicated to the acquisition of commercial properties leased to national companies under long-term net leases. Properties are expected to generate income during the holding period and are eventually sold with the objective of producing long-term capital gains.

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