New York & Tri-State + Retail | April 1, 2021

CF Income Trust Extends Lease Term on 7 Walgreens Locations

Cantor Fitzgerald Income Trust (CF Income Trust) said Wednesday that through its indirect wholly-owned subsidiary, CF Net Lease Portfolio IV, DST (DST IV), it had entered into an agreement with Walgreens Co. to extend the lease term on seven Walgreens locations with strong historical performance owned by DST IV.

The agreement confirms Walgreens’ waiver of a termination option, thereby extending the first-term lease maturity dates by five years to Nov. 30, 2036, which CF Income Trust expects to be accretive to the value of the Walgreens assets.

Under the terms of the agreement, Walgreens received $2.7 million from CF Income Trust in exchange for the waiver of a termination right by the tenant. The Walgreens assets are currently encumbered by a single CMBS loan with an anticipated repayment date of Dec. 31, 2026, leaving nearly 10 years of lease term beyond the stated loan maturity.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).