Cornerstone closes sale-leaseback of 42 Walgreen properties

Columbus-based Cornerstone Capital Corp. has acquired 42 properties from Walgreen Co. in the largest sale-leaseback deal in the 101-year history of the drug-store chain.

After two years of collaboration with Walgreen, Cornerstone purchased approximately $150 million of real estate in 16 states. Walgreen will operate all the stores under a new 25-year triple-net lease. Cornerstone officials note that companies such as Wal-green often use sale-leaseback transactions to unlock capital tied up in real estate and put it to higher-yield uses in the core business.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish