Quantum Real Estate Advisors has arranged the $9 million sale of a single-tenant Walgreens located in Providence, R.I. Dan Waszak of Quantum Real Estate represented the buyer, a private investor from New York City, in the transaction. The seller was an Ohio-based investment group.
Located at 1140 N. Main St., the property has been occupied by Walgreens since 2007. Walgreens has just over 12-years remaining on the primary term of its lease.
“This was the last acquisition in a multi-property 1031 exchange for the purchaser,” said Waszak. “His familiarity with the market, coupled with the long-term lease, made this an excellent fit to round out his 1031 exchange. The buyer was able to obtain attractive financing on this deal, showing the continued resiliency and demand for the ‘essential-retailers’ in the net-lease space.”