$9M for Suburban Walgreens

A private buyer paid $8.9 million for a free-standing Walgreens with a long-term triple-net lease.

“This has been a proven location for Walgreens since it opened approximately six years ago. The store is near local shopping and major thoroughfares,” said Matthew Leist, associate director for Eastern Consolidated, which represented the buyer. Horvath & Tremblay represented the seller, Phoenix Realty Group.

The property is located on 1.3 acres at 504 Kings Highway North in Cherry Hill, NJ.

“We were happy to assist our client with a 1031 exchange by finding a NNN property with a strong national tenant in place that will provide long-term stable cash flow for 18 plus years,” said Evan Street, director for Eastern Consolidated.

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