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Oak Street Real Estate Capital buys Oakland Park Walgreens for $7M
Buyer sold another Walgreens, in Delray Beach, in June
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.