A&G Real Estate Partners is marketing Walgreens leases and company-owned parcels

A&G Real Estate Partners, LLC has begun marketing Walgreens leases and company-owned parcels.

The portfolio includes 78 properties, 60 of which are locations leased from landlords that are offered as subleases or possibly direct new leases. In the latter, A&G can negotiate with the landlord on behalf of the tenant insterested in acquiring the site, according to A&G Co-President Emilio Amendola.

The remaining locations are existing Walgreens stores, shuttered stores or undeveloped land currently fee-owned by Walgreens and are being offered for sale.

The Walgreens buildings range from 2,070 to 23,509 square feet while the undeveloped fee-owned parcels range from 0.12 to 20.86 acres.

If you recall, A&G is the same broker that sold off RITE AID leases under Chapter 11 bankruptcy proceedings to Dollar Tree Stores, Five Below, Burlington Stores, Inc., Ross Stores, Inc., Ace Hardware Corporation and several grocery chains. According A&G Principal Joseph McKeska, A&G also sold 50 fee-owned Rite Aid properties to investors and developers.

However, Walgreens, which is not in bankruptcy, does not have the same leverage to peddle leases as was the case with Rite-Aid.

In a normal business deal, if Walgreens wants to sell its lease to a different retailer, the landlord often has the right to block it via an "anti-assignment" clause.

In bankruptcy, these clauses are generally unenforceable. The bankruptcy court can force a landlord to accept a new tenant (assignee) as long as that tenant can prove financial stability sufficient enough to pay future rent obligations under the existing lease.

Since Walgreens is not currently in bankruptcy, the process of selling leases is much more difficult:

- The company with assistance from A&G must negotiate with each individual landlord to buy out the lease or get permission to sublease or assign.

- Without the typical bankruptcy cap on damages, Walgreens will likely have to pay much higher termination fees to walk away from a location.

- Landlords have more power to reject a new tenant if they don't think that tenant fits their tenant mix, credit profile or can achieve market rent through direct negotiations.

Walgreens Boots Alliance underwent a significant shift in late 2025 when it was acquired by private equity firm Sycamore Partners for approximately $10 billion.

The current marketing of leases is part of a multi-year plan to close roughly 1,200 underperforming stores. While original estimates for 2026 suggested 700 closures, the new ownership has reportedly scaled that back to fewer than 100 closures for this year to focus on stabilizing the remaining healthy stores.

Read more: A&G offering 78 Walgreens properties nationwide (Mass Market Retailers)