No Real Estate Purchased in USA Drug Deal

by George Waldon  on Monday, Oct. 1, 2012 12:00 am  

The recent $438 million cash purchase of Stephen L. LaFrance Holdings Inc. by Walgreen Co. left a multimillion-dollar redevelopment portfolio in its wake.

No real estate was included in the deal.

Walgreen is assuming some leases, and leasing other stores from the LaFrance family - 68 stores in all.

More than half of the 144 drugstores that operated under LaFrance's USA Drug, Super D and other banners won't be converted to Walgreen stores.

Of those 76 stores not making the cut, 28 are in Arkansas. The locations are spread across 19 different cities around the state.

About half of the 76 locations are owned by the LaFrance family, and the balance is leased. In Arkansas, 15 are leased, and 13 are owned by the LaFrances.

Mixed in with the drugstores that will go dark are seven parcels of undeveloped land totaling about 20 acres.

Six properties, averaging about 1.5 acre each, were marked for future USA Drug stores. Two of the sites are in Bentonville and one each in Fayetteville, Hot Springs, Jonesboro and Little Rock.

The seventh parcel is almost 10 acres at the northwest corner of Kanis and Bowman roads in Little Rock. A 75,000-SF retail project is on the drawing board for the location.

"We think the timing is good," said Isaac Smith, a principal in the Little Rock office of Colliers International, which is marketing the LaFrance properties. "Retail occupancy has been tightening up every quarter."

Owned by LaFrance Family

USA Drug Express
5462 Central Ave., Hot Springs

Super D Drugs Express
533 W. Nettleton Road, Jonesboro

 

 

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