Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Walgreens, a 11,239-square foot net-leased property located in Frederick, MD, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,989,950.

Mark Taylor and Nick Binder, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. Brian Hosey, Regional Manager of Marcus & Millichap’s Washington D.C Office and Bryn Merrey, Broker of Record in Maryland, assisted in closing this transaction.

Walgreens is located at 1000 Key Pkwy in Frederick, MD. “This Walgreens was formerly a Rite Aid that had been converted” said Taylor. “The tenant has just renewed for their first five-year option period, and had good sales. We were able to get a very aggressive cap rate despite the short lease term.” Taylor added.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.