NEW JERSEY—Four Springs Capital Trust has acquired a Walgreens drug store in Greenville, N.C. for $5.625 million. The acquisition marks the 18th property added to the Lake Como, N.J.-based firm’s portfolio.
The property is a freestanding, single-story building comprised of 14,465 sq. ft. situated on a 1.25-acre parcel of land. The building is currently leased to Walgreen Co., which has an initial 25-year lease term set to expire in 2030.
“We are very pleased with the acquisition of this Walgreens property,” William Dioguardi, president and chief executive officer of FSCT said. “This property will further enhance our ability to generate stable, predictable income for our shareholders by providing current income from an investment-grade rated tenant under a long-term lease.”