Commercial Real Estate, Capital, Insurance, Leasing & Management

Drugstore Chains May Be Closing Stores but Some Real Estate Investors Still Want Them

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Bryan Belk says drugstore chains remain desirable tenants to many real estate investors despite a wave of recent store closings.

Excerpted from CoStar News story.

Walgreens recently announced it was shuttering a couple hundred stores, and CVS Health said it would be curtailing plans to open new ones. That wasn’t necessarily news to real estate brokers, who have become used to such reversals as retailers look to rightsize their operations to deal with changing shopping patterns.

Walgreens still has more than 9,000 stores around the country while CVS has about 9,900, making the chains still desirable tenants to many real estate investors.

“You definitely get questions” from investors looking to buy the properties, said Bryan Belk, a senior director of retail investment sales with FranklinStreet. “But we haven’t seen a lack of interest when we have listed them.”

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