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May 25, 2023

Walgreens sells Killingly warehouse for $48M in sale/leaseback deal

Costar 30 Forbes Road, Killingly

A company affiliated with international pharmacy and healthcare giant Walgreens Boots Alliance sold its 460,362-square-foot Killingly warehouse for $48.07 million in April.

Walgreen Eastern Co. Inc, which is headquartered in the Walgreens corporate campus in Deerfield, Illinois, sold the 33-year-old warehouse on 32 acres at 30 Forbes Road to Rim Properties 1 in a sale recorded by Killingly on April 17.

The buyer is affiliated with San Diego-based Realty Income Corp., a real estate investment company listed on the S&P 500. Realty Income claims 12,400 commercial properties under long-term, net-lease agreements serving more than 1,259 clients.

Walgreens is leasing back the Killingly property under a 15-year agreement that began April 13, and which offers six, five-year extensions.

Richard Steiner, director and managing counsel for Walgreens Co., signed both the deed and the lease agreement. Daniel Haug, senior vice president and associate general counsel for RIM Properties, signed the lease. 


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