Walgreens sold a pair of Broward County stores in sale-leaseback deals for $13.3 million, marking a continuation of the company’s selling spree.
In the bigger deal, an entity tied to Allen and Elaine Singer bought the Walgreens at 181 North University Drive in Plantation for $7.3 million, according to records and real estate database Vizzda. Also, a trust led by George and Betty Parker Manolacidis bought the store at 1751 Bonaventure Boulevard in Weston for $6 million.
In 2005, Walgreens paid $2.9 million for the development site for the Plantation store, which was completed in 2008, property and Vizzda records show. Walgreens paid $4.2 million in 2008 for the Weston store, which was completed in 1997. Each of the buildings spans roughly 17,000 square feet on 1.7 acres.
The deals mark at least the fourth and fifth sale-leasebacks by Walgreens in South Florida in less than two months. In December, the company sold its stores at 800 West Indiantown Road in Jupiter, 9921 Okeechobee Boulevard in Boca Raton and 3595 Southwest 22nd Street in Miami for a combined $33.7 million.
Deerfield, Illinois-based Walgreens had more than 9,000 stores as of 2020 across the U.S., Puerto Rico and the U.S. Virgin Islands, according to its website. Rosalind Brewer is CEO of the holding company that owns Walgreens and Boots, another retail pharmaceutical chain.
In other recent deals, the Kalimian family of New York dropped $35 million for the South Beach Walgreens-leased store at 509 Collins Avenue in November. The seller was Allied Partners.
Walgreens also has been a player in South Florida’s industrial market. In November, Walgreens sold a 683,000-square-foot distribution center spanning 98 acres at 15998 Walgreens Drive west of Jupiter for $78 million. It also was a sale-leaseback deal.