The listing agent, Paul Sleeth of the Seattle office of Colliers International, says that what makes this Walgreens property stand out is the asking price of $259 per sf. This is far below the price of other Walgreens stores in Puget Sound sub-markets, which ranged from $284 per sf in Lynwood to $362 per sf in Bellingham and Mulilteo.
According to market data, Walgreens Co. (NYSE: WAG) posted $21 billion in revenues last year, with a profit margin of 27.1%. As of November 30, 2000 the drugstore retailer had 3,259 stores throughout the United States and Puerto Rico, with plans for 500 new stores in 2001.
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