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BOSTON – A Midwest-based institutional investment firm has paid $68.7 million for a nine-property portfolio of Walgreens triple net-leased locations in Connecticut, Massachusetts, New Hampshire and New Jersey.
Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a private investment company.
In Greater Boston, the Walgreens stores are located at 880 N. Montello St. in Brockton and 897 Main St. in Melrose. The Philadelphia MSA also has two stores in the portfolio: 20 W. Kings Hwy. in Mount Ephraim and 500 Egg Harbor Rd. in Sewell, both in New Jersey, while a third property in the state, 1131 US Hwy. 46 in Ledgewood is part of the New York MSA.
In New Hampshire, the portfolio includes 1 Glenwood Ave. in Dover and 17 Crystal Ave. in Derry. The Connecticut real estate is 980 Farmington Ave. in Berlin and 1036 W. Main St. in Branford.
According to the brokers, the portfolio generated numerous offers “due to the high demand for core net leased properties combined with the long-term Walgreens leases.” They added in the release that the institutional investor was “the most aggressive bidder.”
“We were able to achieve a sale price within one percent of the asking price,” Blankstein said.
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