SAN DIEGO-GlobeSt.com has exclusively learned that the North San Diego County office of Lee & Associates negotiated the sale of nine Walgreen and one CVS drugstores. The series of transactions total more than $40 million and are located in seven states in the East, Southeast, Midwest and the Southwest regions.
The sale was negotiated by Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County. Bennett and Barr, who just recently closed on a $12.2-million sale of LA Fitness in Irving, TX, said the drugstores were a mix of both long term and short term NN and NNN leases.
In addition, 50% of the transactions were off-market deals that the Barr & Bennett Net Leased Group were able to source for their client. “By leveraging our client relationships, we were able to source off-market drugstores that had zero competition from other investors,” Bennett explains.
According to Barr, the team focused on NN drugstores that had under 10 years of lease term remaining, which he explains “are highly sought after by investors in today's marketplace. This enabled our client to achieve a much higher yield when blended with the long term NNN locations.”
The transactions included: four-unit Phoenix portfolio for $15.9 million; Deltona, FL for $2.86 million; Lubbock, TX for $3.51 million; St. Joseph, MO. for $5.4 million; Springfield, IL for $5.15 million; Uniontown, PA for $6.3 million; and Indianapolis for $4 million.
Barr tells GlobeSt.com that based on the confidentiality agreement the team signed, it is limited to how much it can disclose in terms of the identities of those involved, however, he did say that “each seller was either a real estate developer or private investor that was interested in selling their drug store asset.” The buyer, he adds, is a private equity firm out of California.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
