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Brokerage
Posted: April 23, 2010
Seigel and Plasky of Marcus & Millichap represent the seller in $9.5 million Walgreens sale
Marcus & Milli-chap Real Estate Investment Services has brokered the $9.5 million sale of a 7,264 s/f Walgreens drugstore.
Steven Siegel, a vice president investments and senior director of the firm's Net Leased Properties Group in Manhattan, and Scott Plasky, a net-leased properties investment specialist, also in Marcus & Millichap's Manhattan office, represented the seller, a Walgreens preferred developer.
"The property is a recently opened, brand-new freestanding building located on a major retail corridor surrounded by national credit tenants," said Siegel. "The total lease term is 75 years with Walgreens having the option to terminate after year 25. This is a zero-management asset."
Constructed in 2009, the property is located at 2191 Richmond Ave. and surrounded by national and local retailers including CVS, Rite Aid, Barnes & Noble, Pier 1, Duane Reade, Wendy's, PC Richard & Sons, Dunkin' Donuts, Marshalls, Best Buy and Starbucks.
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