Walgreens store buildings in Waukesha, Sheboygan counties sold to California investor

Properties sold for $18.2 million total

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

Last updated on March 17th, 2020 at 01:37 pm

At least three Walgreens stores — two in Waukesha County and one in the city of Sheboygan — have been sold to a California real estate investor in a portfolio deal.

According to state records, the stores were acquired for a total of $18.2 million by Pasadena, California-based ExchangeRight Net Leased Porftfolio 30 DST. The seller of the properties is Waukesha-based MRED Associates.

The Walgreens that were sold include the those located at 21325 E. Moreland Blvd., town of Brookfield; 3855 S. Moorland Road, New Berlin; and 1029 N. 14th St., Sheboygan.

All three stores were purchased for a price well over their assessed values. According to Waukesha County and Sheboygan County records, the properties altogether are assessed at roughly $7.4 million.

ExchangeRight recently filed documents with the U.S. Securities and Exchange Commission that indicate the firm was raising $52 million for the net-leased portfolio 30.

According to its website, the firm invests in properties with long-term leases, leases backed by investment grade corporate credit, properties with tenants that operate in “necessity retail and healthcare industries” and geographically diverse locations with strong demographics and infill population centers, among other criteria.

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Alex Zank, former BizTimes Milwaukee reporter.

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