King Drive Walgreens building sold for $6.1 million

Sale price almost $4 million over assessed value

Walgreens. Photo courtesy of Shutterstock.
Walgreens. Photo courtesy of Shutterstock.

Last updated on May 15th, 2019 at 04:56 pm

A Walgreens store building on King Drive in Milwaukee’s Harambee neighborhood sold for almost $4 million over its assessed value to a California real estate investor.

The store, located at 2826 N. Martin Luther King Jr. Drive, was sold by BRIC (MLK/Hadley) Associates, of Milwaukee, to California Pacific Wisconsin Properties, LLC of Santa Monica, Calif., for $6.1 million, according to state records.

The property is assessed at $2.3 million. The 15,551-square-foot building was built in 2008.

In recent months, several other Walgreens buildings have been sold for well over their assessed value.

In January, the Cudahy Walgreens store building at 6214 S. Packard Ave. was sold to a Hillsboro Beach, Fla.-based investment firm for $4.85 million. That property is assessed at $2.4 million.

In December, the Walgreens store building on West Capitol Drive in Milwaukee sold to a New York-based real estate investment firm for $4.2 million. That property was assessed at $2.35 million.

The Walgreens store building located at 2656 N. Wauwatosa Ave. in Wauwatosa was sold 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.

The Federal Trade Commission has until July 7 to either clear or challenge Walgreens Boots Alliance’s bid for Rite Aid Corp., according to Bloomberg.

The deal is valued around $7 billion, according to Bloomberg data, down from around $9.4 billion when the deal was announced in October 2015.

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