The Walgreens Pharmacy building at 5955 Airline Highway has been sold for $5.5 million.
Penn 1031 LLC sold the building to ARCP WG Portfolio I LLC in a deal that was filed Monday with the East Baton Rouge Clerk of Court’s office. The buyer is connected to American Realty Capital Properties, a real estate investment trust that owns more than 4,400 properties across the U.S., with a value of $23.8 billion.
The Airline store was included in a portfolio of 10 Walgreens locations that were being marketed for sale. According to a real estate listing online, all of the Walgreens that were being offered were built in 2006 and have long-term leases.