Boca Raton company acquires 24 Walgreens-leased properties for $92 million

June 10th, 2015

Boca Raton-based investment firm The Herrick Co. announced that affiliates of the company acquired 24 Walgreens-leased retail properties throughout the U.S.
The pharmacy/retail locations, which the company says has long-term leases, were acquired for $92 million.

Herrick Co.’s most recent transactions include the purchase of 29 properties leased to Walgreens for $100 million, each with 25 years of tenancy remaining on them, the company said. In April 2014, Herrick Co. also purchased 44 CVS Caremark-leased properties for $190 million.

We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of single-tenant, long-term net leased assets,

said Norton Herrick, chairman of the Herrick Co. in a prepared statement. Northwestern Mutual Life Insurance Company financed the deal announced Tuesday. The Herrick Co. is primarily focused on acquiring single tenant, office leased properties, industrial and retail properties in markets throughout the country. They also aim to invest in underdeveloped oceanfront and inter-coastal land sites in Southeast Florida.

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