IRA Capital Acquires Walgreens Near Notre Dame University
IRA Realty Capital, LLC announced today that Net Lease Income Fund I, LLC completed the acquisition of a Walgreens drugstore in Niles, Michigan – approximately 7 miles from Notre Dame University in South Bend, Indiana.
The property is leased on a net-lease basis to Walgreens for an initial term of 60 years. The Walgreens property is positioned on the corner of South 11th Street and Silverbook Street, which is the predominant intersection in the trade area. The property was originally built in 1995, and Walgreens recently extended their firm lease term through the year 2024 by waiving their first two termination options. The 24 hour drive-thru location boasts very strong sales numbers. According to Amer F. Kasm, a principal of IRA Realty Capital, “There is minimal drugstore competition in the trade area, and Walgreens’ recent commitment to extend the firm lease term through the year 2024 confirms that this location is a strong performer for Walgreens – which is a component of the kind of stability we seek within Net Lease Income Fund’s diversified portfolio.”
IRA Realty Capital is a privately‐held real estate investment and management firm that focuses on maximizing risk‐adjusted returns while protecting and growing investment capital. Net Lease Income Fund I, LLC is a private fund formed in July 2010 to invest in a diversified portfolio of freestanding, single-tenant, net-leased properties located throughout the United States. Net Lease Income Fund I is managed by IRA Realty Capital, LLC. The fund sponsors are Amer F. Kasm, Samir M. Patel, and Mohannad S. Malas. Additional information can be found at www.iraRealtyCapital.com