Thursday, October 13, 2011

Marcus & Millichap Sells two drug store properties in south carolina

FT LAUDERDALE, FL, Oct. 13, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a leasehold interest in a 14,560-square foot Walgreens in Columbia, South Carolina for $3.3 million and a 12,278-square foot Rite Aid (middle left photo) in Sumter, South Carolina for $2.7 million, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.

Senior Vice President Investments Lori Schneider (top right photo) in Marcus & Millichap’s Fort Lauderdale office facilitated the sales of the drug stores.

“Drug stores provide a reliable income at a time with few alternatives and they are often desirable price point investments that offer simplicity of underwriting, acquisition and ownership,” says Schneider who facilitated the sale of five drug store properties (among other retail and single-tenant properties) within the third quarter of 2011.

 Schneider just recently qualified for Marcus & Millichap’s prestigious National Achievement Award.  She was the first investment specialist in the Fort Lauderdale office to receive this honor.

The Walgreens property consists of a leasehold interest in a 14,560-square foot Walgreens on a large 1.76-acre lot in Columbia, South Carolina.  It has 18 years remaining on its absolute net lease and is located at 4469 Devine Street, which is one of the main commercial corridors in Columbia.  The property sold for $3,292,406 on September 12, 2011.

The 12,728-square foot Rite Aid has a double drive-thru and is located on a 1.62 acre lot in Sumter, South Carolina.  It has 11 years remaining on its double net lease and is located at 375 Pinewood Road near several shopping centers.  Sumter is located approximately 45 miles from Columbia.  The property sold for $2,650,000 on September 26, 2011.

Press Contact: Gregory Matus (bottom left photo), Regional Manager / Vice President, Ft. Lauderdale, (954) 245-3400

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