The recent announcement that Walgreens Boots Alliance will be acquired by Sycamore Partners, marking the end of its nearly 100-year tenure as a public company, is poised to have significant implications for the commercial real estate market. This transaction, valued at up to $23.7 billion, represents one of the largest leveraged buyouts in recent years and will likely reshape the retail landscape, particularly regarding real estate strategies.

A Trepp analysis shows that Walgreens operates over 8,175 stores in the U.S., with the majority being leased rather than owned. The company’s strategic approach to real estate typically involves freestanding locations with high traffic counts and presence in strip centers and shopping districts.


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