Four-Property Net-Leased Portfolio in Three States Sells for $38.6 Million

Walgreens, Merrimack, NH

BOSTON, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a four-property net-leased drugstore portfolio.

The properties are located in Massachusetts, New Hampshire and Florida. The combined sales price for all four properties is $38,617,763.

            Robert Horvath, vice president investments and Todd Tremblay, vice president investments, both in Marcus & Millichap’s Boston office, represented the seller, a private New England-based real estate family and the buyer, a private family completing a 1031 exchange.

 Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

Robert Horvath

“These net-leased assets are all extremely well located within their respective marketplaces and all have 25-year leases with numerous years remaining, plus options for renewal,” says Horvath.

“Investor demand for drugstores, which are seen as one of the safest types of commercial real estate investments, remains strong,” adds Tremblay.

The properties are:

·         Walgreens, Worchester, Mass., 14,320 square feet, $9,400,000

·         CVS, Foxborough, Mass., 15,013 square feet, $10,487,182

·         Walgreens, Merrimack, N. H., 13,612 square feet, $7,363,636

·         CVS, Clearwater, Fla., 14,593 square feet, $11,375,945

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716