HENDERSONVILLE, NC-A Florida-based private investor has scooped up three drug store chain locations across the Southeast. The investor acquired Walgreen's properties in Hendersonville, NC, and Morristown and Greeneville, TN.
The Hendersonville Walgreen's sold for $5,033 million. Allen Smith, vice president investments in Marcus & Millichap’s Charlotte Uptown office, and Larry Curry, investment specialist in the firm’s Tampa office, represented the buyer. CB Richard Ellis represented the seller.
"When Lehman went under, the markets froze up and the cap rates jumped up," Curry tells GlobeSt.com. "About a year ago you could by a new Walgreen's for just under an 8% return and now we are seeing cap rates drop pretty quickly and a lot of competition on deals."
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