Oak Street Capital picks up Coconut Creek Walgreens for $7M

Chicago-based real estate investment firm has bought and sold South Florida Walgreens stores the past few years

Oak Street Capital's Marc Zahr and Jim Hennessy with 4600 Coconut Creek Parkway (Google Maps)
Oak Street Capital's Marc Zahr and Jim Hennessy with 4600 Coconut Creek Parkway (Google Maps)

A Chicago-based real estate investment firm known for buying and selling Walgreens stores picked up another one in Coconut Creek.

An affiliate of Oak Street Capital, led by Marc Zahr and Jim Hennessy, bought the retail property at 4600 Coconut Creek Parkway for $6.8 million, records show. The seller is Walgreen Company, which paid $3.7 million in 2000 for the site.

Oak Street manages commingled funds and separate accounts on behalf of institutional and high net worth investors, including public and corporate pension plans, insurance companies, family offices and trusts, according to the company’s website. The firm primarily focuses on acquiring properties net-leased to investment grade-rated tenants.

Sign Up for the undefined Newsletter

Last year, Oak Street closed on roughly $1 billion of real estate acquired from struggling national retailers and leased the properties back to them. The firm also bought Sensormatic’s headquarters facility at the Park at Broken Sound in Boca Raton for $51 million.

In 2020, Oak Street was among a number of institutional investors involved in a flurry of Walgreens deals. In November, Oak Street paid Walgreen Company $7.3 million for its store in Oakland Park. Five months earlier, Oak Street sold a Delray Beach Walgreens for $8.1 million, less than a year after buying the property for $6.5 million.

Also last year, Walgreen Company sold a North Palm Beach location and a Lauderdale Lakes store to SunTrust Equity Funding for a combined $14 million.

Los Angeles-based Corporate Partners Capital Group also bought a Boca Raton Walgreens store from the national retailer last year for $9.1 million.