Walgreens Portfolio Purchased for More than $62 Million

Miami FL

12 July, 2021

4:02 PM

Description

Orion Real Estate Group, via a joint venture with Miami-based Limestone Asset Management, purchased/closed on a Walgreens portfolio for approximately $62.2 million on June 22, 2021. The portfolio encompasses 14 locations throughout the U.S. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America. Wells Fargo is providing financing. Kevin Sanz, president of Orion Real Estate Group, led the buyer group. Brian Pfohl, executive vice president of CBRE Inc., and Maury Vanden Eykel, senior vice president of CBRE Inc., represented Walgreens, the seller. This closing follows Limestone Asset Management’s and Orion Real Estate Group’s June 3, 2021 purchase of/closing on an additional Walgreens portfolio for $133 million. The portfolio encompasses 27 locations throughout the U.S. This brings the total between the two Walgreens portfolios to almost $200 million. Both portfolios represent a collection of well-located and seasoned Walgreens stores. “We are extremely pleased to acquire not one, but two impressive Walgreens portfolios over the period of approximately three weeks,” said Sanz. “Both of these portfolios feature outstanding sites, and offer long-term value and a high-quality credit tenant. At Orion Real Estate Group, we are dedicated to expanding our portfolio over all asset classes.” Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deals. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.