Walgreens property is sold

DOWNEY - Heslin Becker Properties, a privately owned retail real estate investment and development firm, has completed the redevelopment and $8.1 million sale of a new Walgreens in Downey.The property, at 8030 Imperial Hwy., was acquired by Heslin Becker Properties in April 2010. The company demolished the existing structure and constructed the new Walgreens before selling it. The new owner is Downey Property Investments LLC. Heslin Becker will retain and find a new tenant for a free-standing outparcel building on the property. "The redevelopment and sale of this asset was a collaborative effort between ourselves, Evergreen Development Company and the City of Downey," said Matthew Heslin, CEO of Heslin Becker. "We continue to acquire and develop, or redevelop opportunistically, and monetize those assets where our cash can be quickly and effectively redeployed at high rates of return." Casey McKeon, vice president of acquisitions for Heslin Becker, called the Walgreens a "high profile redevelopment project" for Downey. "We essentially revitalized a prime retail intersection which long suffered blight and turned it into a productive, aesthetically pleasing center for the residents of Downey," McKeon said.

********** Published: February 16, 2012 - Volume 10 - Issue 44

FeaturesEric Pierce