Walgreens sells Delray Beach store on Federal Highway

Walgreens said in August it would close 200 stores in the US

Oct.October 30, 2019 04:30 PM
Walgreens at 3200 South Federal Highway

Walgreens at 3200 South Federal Highway

Walgreens sold one of its South Florida stores on the corner of South Federal Highway and Lindell Boulevard.

Property records show Walgreen Company, based in Deerfield, Illinois, sold the 14,362-square-foot Deerfield Beach store at 3200 South Federal Highway for $6.54 million. The buyer is WBA FL 001 LLC, a Delaware company that is tied to Oak Street Real Estate Capital of Chicago.

Walgreens said 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.” It’s unclear if the Delray Beach location is one that would close.

Earlier this week, Walgreens said it would close 150 of its in-store clinics and will open 100 Jenny Craig locations in Walgreens stores across the country.

Oak Street Real Estate is a private equity firm that manages commingled funds and accounts on behalf of institutional and high net-worth individuals, according to its website.

The Delray Beach property last sold in 2001 for $4.2 million.

Investors have been targeting Delray Beach.

Pebb Capital recently closed on nearly 7 acres of land to build a project formerly known as Midtown Delray. The $100 million project, in a designated Opportunity Zone, will include nearly 50,000 square feet of retail and restaurant space and about 70,000 square feet of office space.

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