The sales price was $6.4 million or $432.74 per sf at a cap rateof 6.2%. Dean Zang, a senior associate in the Philadelphia officeof Marcus & Millichap, and Mark Taylor, a senior investmentassociate also in the firm's Philadelphia office, represented theseller. Jim Casale of Voit Commercial Brokerage represented thebuyer.
Zang tells GlobeSt.com that the cap rate was "outstanding" forthis particular type of transaction. In general, he says, "buyersare fleeing to quality, putting a premium on even bond leases thathave superior locations."
This Walgreens is located at the northwest corner of MarylandState Routes 32 and 26 in Eldersburg near several big boxretailers. It is also across the street from the Main StreetEldersburg project, a LEED-certified, 90,000-sf lifestyle centerconsisting of three buildings and five pad sites.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
