Wednesday, March 31, 2010

Walgreens Commands $9.5M Sale Price in Staten Island, NY

STATEN ISLAND, N.Y.-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 7,264-square foot Walgreens drugstore in Staten Island (top left photo)

. The sales price of $9.5 million represents $1,308 per square foot and a cap rate of 7.25 percent.

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,” says Siegel. “The total lease term is 75 years with Walgreens having the option to terminate after year 25. This is a zero-management asset,” adds Siegel.

Constructed in 2009, the property is located at 2191 Richmond Ave. in Staten Island, 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. The 1.2 million-square foot, 200-store Staten Island Mall, anchored by Sears, JCPenney and Macy's, is less than one-half mile away.

The population within three miles of the property is 190,000 and the average household income is greater than $92,000.

Staten Island is one of the five boroughs of New York City.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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