Limestone Asset Management Pays $133M for 27 Walgreens Stores
By Celia Young June 17, 2021 8:00 amreprints
Limestone Asset Management, in a joint venture with Orion Real Estate Group, acquired a portfolio of Walgreens stores for $133 million.
The portfolio includes 27 Walgreens stores throughout the United States. Wells Fargo provided the financing for the deal.
This is the latest in a series of recent acquisitions made by Miami-based Limestone, an affiliate of Orion headed by Ibrahim Al-Rashid, including deals in Pinecrest, Sarasota and Orlando, Fla.
Son of Saudi billionaire, Dr. Nasser Ibrahim Al-Rashid, the younger Al-Rashid founded Limestone in a joint venture with Orion, also based in Miami, in 2010.
“We are extremely pleased to acquire this large Walgreens portfolio, featuring excellent sites with long-term value and a high-quality credit tenant,” Ibrahim Al-Rashid said in a statement. “This purchase reflects Limestone’s dedication to expanding its portfolio over all asset classes.”
Limestone holds assets exceeding $200 million across the United States, according to Orion’s website.
Orion President Kevin Sanz led the buyer group, while CBRE’s Brian Pfohl and Maury Vanden Eykel handled it for the seller.
CBRE, Wells Fargo and Limestone did not immediately respond to requests for comment.