Marcus & Millichap Sells Eight-Property Walgreens Portfolio for $34.8M

FORT LAUDERDALE, FL— Marcus & Millichap Real Estate Investment Services has arranged the sale of an eight-property Walgreens portfolio spanning six states for $34.78 million.

Marc E. Strauss, (middle right photo) a vice president investments and senior director of Marcus & Millichap’s National Retail Group in the Fort Lauderdale office, and Brian Rosen, an investment specialist in the same office, represented the seller, Lifter Realty, Based in North Miami Beach, Fla.

“The portfolio was marketed as a package due to a single loan encumbering a large portion of the portfolio,” says Strauss. “With six to 13 years remaining on the double net-leases, the properties were less attractive than many of the new 25-year, triple-net leased Walgreens stores currently on the market. Nonetheless, we were able to secure an offer for seven of the stores at 99.8 percent of the portfolio listing price.”

Walgreen Co. exercised its right of first refusal was the eventual buyer.

“Because of Marcus & Millichap’s strategic marketing efforts and its access to a nationwide pool of investment capital, Walgreen Co. paid a very aggressive cap rate for the stores,” adds Rosen.

The portfolio includes a 15,150-square foot store in Hempstead, N.Y.; a 15,525square foot store in Sanford, Fla.; a 13,500-square foot store in Colorado Springs, Colo.; a 13,905-square foot store in Minneapolis; a 15,525-square foot store in Ocala, Fla.; a 13,905-square foot store in Denver; a 13,905 square-foot store in Lynn Haven, Fla.; and a 13,450-square foot store in Niagara Falls, N.Y.

Strauss and Rosen arranged the sale in conjunction with Adam Christofferson, (top left photo) first vice president and regional manager of the Denver office of Marcus & Millichap; Solomon Poretsky, regional manager of the Minneapolis office; and Edward Jordan, (bottom left photo) regional manager of the form’s Manhattan office.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716