Oak Street Real Estate Capital buys Oakland Park Walgreens for $7M

Buyer sold another Walgreens, in Delray Beach, in June

Miami /
Nov.November 09, 2020 03:30 PM
Oak Street Jim Hennessey and Marc Zahr with 3100 North Andrews Avenue, Oakland Park

Oak Street Jim Hennessey and Marc Zahr with 3100 North Andrews Avenue, Oakland Park

The flurry of Walgreens trades continues with an Oakland Park store selling for $7.3 million.

Walgreen Co. sold the store at 3100 North Andrews Avenue. The buyer is a company affiliated with Chicago-based private equity firm Oak Street Real Estate Capital.

In June, Oak Street sold a Delray Beach Walgreens store for $8.1 million, less than a year after the firm bought it. Oak Street Real Estate Capital is led by Marc Zahr and co-founder Jim Hennessy.

Walgreen Co. bought the Oakland Park land in 2005 for $644,000, according to records. The store was built in 2008.

Walgreens also signed a lease for the Oakland Park store for 17 years, with extension available for 12 consecutive periods for five years, according to records.

Some local sales of Walgreens pre-date the pandemic. In February, Walgreen Co. sold a store in Boca Raton to a Los Angeles-based investment group for $9.15 million.

In April, Walgreen Co. sold one of its stores in Lauderdale Lakes for $7 million to SunTrust Equity Funding, and an affiliate of Harris Realty & Associates listed a Weston Walgreens for $11 million.

SunTrust Equity Funding bought another Walgreens, this one in North Palm Beach, for $6.9 million in May.





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