BOCA RATON, Fla., Aug. 20, 2014 /PRNewswire/ -- Norton Herrick, Chairman of The Herrick Company, Inc. (the Company), one of the nation's leading real estate investment firms, today announced that affiliates of the Company have recently closed on the purchase of 29 pharmacy/retail properties located throughout the U.S. The properties, all of which are occupied under long-term triple net leases with Walgreens, were acquired for approximately $100 million.
The transaction is a continuation of The Herrick Company's strategy to invest in single-tenant, long-term net leased assets that are occupied by credit tenants. Earlier this year, the Company acquired a portfolio of 63 pharmacy/retail properties, each occupied under long-term triple net leases with CVS Caremark.
The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term.
"We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of single-tenant, long-term net leased assets," said Herrick. "With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments."
Affiliates of The Herrick Company purchased the Walgreens portfolio with financing provided by Prudential Insurance.
About The Herrick Company, Inc.
The Herrick Company, Inc. is a leading national real estate investment company that has completed more than $5 billion in transactions throughout its history. The company focuses on high quality, single tenant, net lease office, industrial and retail properties in key markets throughout the U.S., as well as prime undeveloped oceanfront and intercoastal land sites in Southeast Florida. Additionally, the company develops a wide range of project types — from condos to hospitals — and originates, structures and executes project financing for investment-grade tenants.
Through its affiliates, The Herrick Company builds and acquires green energy-related projects and power plants that utilize domestic, renewable fuel sources, such as biomass and solar, to produce electricity and alternative fuels. The company focuses on projects with power purchase agreements of 20 years or more. For more information, visit www.TheHerrickCompany.com.
SOURCE The Herrick Company, Inc.