BOCA RATON, Fla., June 9, 2015 /PRNewswire/ — Norton Herrick, Chairman of The Herrick Company, Inc. (the Company), one of the nation’s leading real estate investment firms, today announced that affiliates of the Company have recently closed on the purchase of 24 pharmacy/retail properties located throughout the U.S. The properties, all of which are occupied under long-term triple net leases with Walgreens, were acquired for approximately $92 million.
The transaction is a continuation of The Herrick Company’s strategy to invest in single-tenant, long-term net leased assets that are occupied by credit tenants. Recently, the Company acquired portfolios of 92 pharmacy/retail properties, each occupied under long-term triple net leases with CVS Caremark and Walgreens.
The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term.
“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 Herrick. “With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments.”
Affiliates of The Herrick Company purchased the Walgreens portfolio with financing provided by Northwestern Mutual Life Insurance Company.