Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Walgreens, a 13,361-square foot net-leased property located in Silver Spring, Md., according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold for $9,000,000.
The 1.25-acre site located at 13307 New Hampshire Ave. in Silver Spring, Md. was originally developed in 2005 as an Eckerd Drug Store, by a local partnership between Joe Caputo and Sheldon Nasar. The team brokered the initial sale of the site for the original developer in 2005. Shortly after the property was developed, Eckerd was purchased by Rite Aid and this store has operated as a Rite Aid since 2007. As a result of the recent acquisition of Rite Aid by Walgreens Boots Alliance, the store has been rebranded as a Walgreens. At the time of the 2019 sale, the site had about 12 years remaining on the original 25-year NNN lease.
Dean Zang senior managing director and Josh Ein vice president of investments, in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private local developer and procured the buyer, a local 1031 exchange investor. Zang and his team were able to achieve 100 percent of the asking price.
“Although we are seeing some cap rate expansion in the drug store sector, our team and exclusive listing platform were able to achieve full asking price for the property by driving multiple offers,” says Ein. The team currently has seven Walgreens listed for sale.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
