Capitol Drive Walgreens store building sold for $4.2 million

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A Walgreens store building on West Capitol Drive in Milwaukee sold to a New York-based real estate investment firm for $4.2 million.

First Fiscal Fund purchased the 14,390-square-foot Walgreens at 2222 W. Capitol Dr., from New York-based Minnetonka Capital Investments III LLC, according to state records. The property is assessed at $2.35 million.

This is the second time in a month that a local Walgreens store property has been sold for well over its assessed value.

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The Walgreens store building located at 2656 N. Wauwatosa Ave. in Wauwatosa was sold by Deerfield, Ill.-based Waltrust Properties Inc., a subsidiary of Walgreens, to New York-based CF Net Lease Portfolio VI for $8.67 million in late November. The building is assessed by the city of Wauwatosa for $3.48 million.

More local drug store sales are likely on the horizon. Today, Rite Aid, Walgreens Boots Alliance (WBA) and Rite Aid (RAD) announced a plan to sell 865 Rite Aid locations to Coldwater, Miss.-based Fred’s Inc. for $950 million.

If regulators approve the deal, Fred’s would become the largest pharmacy chain the country and Walgreen’s year-long pursuit to merge with Rite Aid would move closer to its goal, according to USA Today.

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Walgreens merged with Alliance Boots two years ago, said announced plans to buy Rite Aid in October 2015 for $9.5 billion.

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