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.
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