Michael Derk of the Long Beach, CA office of Marcus &Millichap Capital Corp. tells GlobeSt.com that the buyer waslooking for a single-tenant property with a credit tenant. What hegot was a 1.7-acre asset at 398 Edgebrook Dr., leased for the next18 years to Deerfield, IL-based Walgreen Co. The property tradedwith a 7.7% cap rate, the broker says.

Derk arranged $3.6 million in acquisition financing, with a 76%loan-to-value ratio, through LaSalle Bank of Chicago. The loan,which amortizes over 30 years, has a 5.88% fixed rate for the first10 years of the 15-year term.

Steve Soqui in the Long Beach office of Marcus & MillichapReal Estate Investment Brokerage Co. represented the buyer. GavinKam in Marcus & Millichap's Dallas office negotiated on behalfof the seller, LSI Edgebrook LP, which developed the property in2001. Soqui says the Walgreen-occupied property, assessed at $1.7million by Harris County, was on the market about 30 days andattracted lots of interest.

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