 |
| Lori Schneider |
PANAMA CITY, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, today
announced the sale of Walgreens, a 14,550-square foot net-leased property
located in Panama City, Fla. The asset sold for $6,630,000 equating to $455 per
square foot.
“Passive private investors
looking for safety of yield and little management responsibilities continue to
drive sales in the drugstore sector. Because Florida has no state income tax or
Rite Aid competition, well-located assets in the state are highly coveted,”
says Lori Schneider, a senior vice
president investments in Marcus & Millichap’s Fort Lauderdale office.
Schneider represented the
seller, a limited liability company from Columbia, S.C. The buyer was a private investor from
Lexington, K.Y.
Built in 2010 on a
1.77-acre parcel, Walgreens has 20 years remaining on the absolute net lease
with no landlord responsibilities and 50 one-year options. The property is
located at 635 East Highway 98 at the signalized intersection of Business
Highway 98 and Martin Luther King, Jr. Boulevard. It is across from Bay Medical
Center, a 323-bed full-service hospital and medical center.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager
Fort Lauderdale, FL
(954) 245-3400
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