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| Karly Iacono |
ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Walgreens, a 16,472-square foot net-leased property located in Orlando, FL, according to James McGuckin, regional manager of the firm’s New Jersey office.
The asset sold for $4,041,420.
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| Ryan Nee |
Karly Iacono, First Vice President Investments in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
| Ryan Nee |
The deal was structured as a zero cashflow leasehold interest. Despite the complex deal structure, Iacono was able to achieve 100 percent of list price.
“As high leverage becomes harder to come by in today’s debt markets, zero cashflow opportunities are seeing a resurgence in demand,” Iacono said.
“Couple that with the focus on investment grade tenants under long term leases and these types of deals check a lot of boxes for investors.”
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| James (Jim) McGuckin |
Walgreens is located at 11018 International Drive in Orlando, FL. The subject property is located across from SeaWorld Orlando and its complementary parks Discovery Cove and Aquatica.
Orlando calls itself the theme park capital of the world and reportedly draws in more than 75 million annual visitors.
CONTACT:
James McGuckin
Regional Manager, New Jersey
(201) 742-6100
New Jersey Broker of
Record
Brian Hosey
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