"We are pleased to be able to work once again with the seller for whom we originally arranged financing several years ago when it completed a 1031 tax-deferred exchange and purchased this first-class asset," says Casimir Broblewski, managing director of Fantini & Gorga, in a statement. F&G brokered the deal with the help of ICA Realty, which managed the 1031 exchange.
The property is located by the intersection of Route 128 just north of Salem. The suburban Boston location provides a mix of rental and single-family homes in a range of high density areas, ideal for a retail strip mall's client base. Walgreens, located across the US, is a popular brand and has moved in the market well, recently in Florida and nearby Stoughten, MA where Linear Retail Group purchased a Walgreens-anchored plaza for $12.6 million.
Walgreens is a Chicago-based pharmacy that has retail stores throughout the US.
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