NEW JERSEY—Oakbrook, Ill.-based Inland Real Estate Acquisitions Inc. has acquired a portfolio of nine Walgreens stores for a total of $68.7 million. The purchase includes three stores in New Jersey, two in Connecticut, two in Massachusetts and two in New Hampshire. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of Inland Diversified Real Estate Trust Inc.
“Walgreens is a high-credit tenant with staying power, and all nine of these stores were recently constructed and are located in what we feel to be strong markets,” Cosenza said. “Additionally, necessity-based retailers like Walgreens traditionally perform well throughout all economic cycles, as people will always need the services they provide.”
Each property is leased to a subsidiary of Walgreens Co. under a triple net lease, with a remaining lease term of more than 20 years. Walgreen Co. has provided a guaranty of each lease.