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OAK BROOK, Ill. -- Walgreen Co. is putting eight properties on the auction block, seven of which are intended to house retail stores. The auctions are scheduled to take place from Nov. 11 to 17, and will be facilitated by Inland Real Estate Brokerage & Auctions Inc.
All seven of the retail developments the national chain is auctioning are between 1.3 and 2 acres. They are located in the following communities: Twentynine Palms, Calif.; Bonita Springs, Fla.; Port Charlotte, Fla.; Yulee, Fla.; St. Augustine, Fla.; Milton, Ga.; and Pooler, Ga.
Also up for sale is the Walgreen-owned Drakeshire Shopping Center, a 38,400-square-foot retail center located in Farmington Hills, Mich., a Northwestern suburb of Detroit.
"These properties are all quality sites in excellent locations, boasting high visibility on signalized corners," said Ira Becker, senior consultant with Inland Real Estate. "All sites were previously vetted and approved through Walgreen's internal assessments as prime locations for Walgreens stores, further evidence they are ideal for a wide array of retail applications."
This marks the first time Walgreen Co. has selected the auction process to quickly sell assets. Jonathan Shumrak, real estate manager for the chain, said he was excited about the auction offering for the company's surplus real estate assets.
"As the auction process is a new disposition vehicle for us, and in keeping with Walgreen's high standards, we wanted the firm with the greatest experience and presence in the U.S. to conduct the auction, and we chose Inland," he stated.