Walgreen Co. sold one of its locations in North Palm Beach, amid a selling spree of its stores across South Florida.
Deerfield, Illinois-based Walgreen Co. sold its store at 230 US Highway 1 for $6.9 million to DS North Palm Beach Landlord, LLC, tied to SunTrust Equity Funding, records show. The sale comes a week after the company sold a store in Lauderdale Lakes for $7 million to the same buyer.
The North Palm Beach store totals 14,321 square feet, equating to a price of $481 per square foot, records show.
The 1.2-acre lot was purchased in 1999 for $825,000 by a partnership led by Donald Chasen. Construction of the drugstore began later that year, and Walgreens acquired the property for $4.1 million when the store was completed in January 2000, 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.”
Last 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.