Walgreen Co. sold one of its stores in Lauderdale Lakes for $7 million.
The Deerfield, Illinois-based retailer sold the 15,568-square-foot store at 3099 North State Road 7 to DS Lauderdale Lakes FL Landlord, LLC, tied to SunTrust Equity Funding LLC, records show. The price equates to $449 per square foot.
The store is on 2.3 acres near the Florida Turnpike, according to records.
The Walgreens was built in 2004. The property was last purchased for $1.6 million in 2002, records show.
With stable, recurring cash flow and a single tenant, Walgreens-leased properties are often seen as a safe bet for investors, experts say.
Yet, Walgreen Co. announced in August that it planned to close 200 stores in the U.S. following “a review of the real estate footprint in the United States.”
Earlier this month, a Walgreens-leased property in Weston hit the market for $11 million.
In February, Walgreen Co. sold a store in Boca Raton to a Los Angeles-based investment group for $9.15 million. In October, the company sold a Delray Beach store for $6.54 million.