Capitol Drive Walgreens store building sold for $4.2 million

The Walgreens on W. Capitol Drive sold for $4.2 million.

Last updated on May 15th, 2019 at 04:59 pm

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.

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.

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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