Another Milwaukee area Walgreens store building has been sold for well over its assessed value. This time, in Cudahy with the $4.85 million sale of the store at 6214 S. Packard Ave.
A Hillsboro Beach, Fla.-based investment firm purchased the store from William Labelle, of Menomonie.
The property is assessed at $2.4 million.
Last month a 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 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.
In 2015, the Walgreens store building at Ryan Road and 27th Street in Franklin was sold by Waukesha-based MRED Associates to Madison-based Stkali Holdings LLC for $5.6 million.
The Federal Trade Commission is expected to approve a Walgreens-Rite Aid merger, which has been in the works for more than a year.
Walgreens, which merged with Alliance Boots two years ago, announced plans to buy Rite Aid in October 2015 for $9.5 billion.
