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South Florida

Walgreen sells store near Boca Raton for $9M

Pharmacy store chain announced last year it would close 200 stores

From left: Howard Sands, Scott Tracy, and Kenton Wright
From left: Howard Sands, Scott Tracy, and Kenton Wright

Walgreen Company sold a store in Boca Raton to a Los Angeles-based investment group for $9.15 million.

Deerfield, Illinois-based Walgreen sold the 15,785-square-foot store at 21880 South State Road 7 to Corporate Partners Capital Group for $579 per square foot, records show.

The 2.1-acre property last sold for $2.4 million in 2000. The pharmacy store was built later that year.

Howard Sands, Scott Tracy, and Kenton Wright are the founding directors of Los Angeles-based Corporate Partners Capital Group. The investment firm specializes in the acquisition and operation of single-tenant, net-leased commercial real estate.

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With stable, recurring cash flow and a single tenant, Walgreens-leased properties are often seen as a safe bet for investors.

Last year, investor Sam Herzberg sold a Walgreens-leased property on the corner of Collins Avenue and Fifth Street in Miami Beach to Allied Partners for $33 million.

But Walgreens 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.”

In October, the company sold its Delray Beach store for $6.54 million.

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