NAI Kurtz Represents the Buyer of Walgreens Site in Pennsylvania
PENNSYLVANIA – November 29, 2017 – NAI Kurtz, a member of the world’s premier managed network of commercial real estate firms, announced today that Frank Castoro, Senior Associate, represented the Mini-Ent organization in the $6.2 million dollar purchase of a Walgreens site located in Lower Burrell, Pennsylvania. The building is 14,820 SF and sits on 1.76 acres of land.
This site was a build-to-suit store for Walgreens, being a single-tenant user under a NNN lease with 17 years remaining on the current term being guaranteed by Walgreens corporate, plus 65 years of options.
Mr. Castoro specializes in net-leased investments having credit-rated tenants. He was enthused to state: “Walgreens business model is resilient to the economy and will evolve in synergy with e-commerce. That, combined with Walgreens’ high credit-rating, can feed the appetite of any lender leading to favourable loan terms and a solid investment.”