West Orange-based real estate investment firm Paul V. Profeta & Associates announced Wednesday the sale of 12 properties in nine states to Inland Real Estate Acquisitions Inc.
The properties, all of which are occupied under long-term leases with the Walgreens pharmacy chain, were sold for approximately $60 million, or more than $330 per square foot.
According to the announcement, the Walgreens leases are 75 years in duration, with Walgreens maintaining the right to cancel after 25 years. None of the properties are in New Jersey.
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