Seven Walgreens Shed for $36M

SAN DIEGO-Marcus & Millichap Real Estate Investment Services has negotiated the sale of seven Walgreens located throughout the US since the first quarter. The properties, located in Virginia, Indiana, Missouri, North Carolina, West Virginia, Mississippi and Texas, traded for approximately $36.4 million.

Alvin Mansour, a senior vice president of investments and senior director of Marcus & Millichap’s national retail group, represented the sellers in the seven separate transactions. The sellers were developers and the buyers were comprised of private investors and institutions. 

“Drugstores remain high on investors’ list of purchase targets, especially for conservative buyers focused on wealth preservation and predictable income streams,” says Mansour. “Private investors from across the country expressed interest in these properties. Several of the buyers were first-time retail investors and had money to place from large 1031 exchanges where they had traded out of more management-intensive properties. Due to our relationships with these private buyers, we were able to obtain top dollar for our sellers’ properties.”
Providing additional representation were Phil Sambazis, an associate vice president in Marcus & Millichap’s San Diego office; David Feldman, the firm’s broker of record for Virginia; Joshua Caruana, the firm’s broker of record for Indiana; Jerome Smart, the firm’s broker of record for Missouri; Ralph Nash of Picnics Inc., who provided representation in West Virginia; Allen Smith, the firm’s broker of record for North Carolina; associate vice president Simon Jonna and associate Raymond Jonna in the firm’s Detroit office, and senior associate Brent Yurtkuran in the firm’s Jackson, MA, office. Michael Early, a vice president investments in Marcus & Millichap’s Southern Virginia office, represented the buyer in the McComb, MS, sale.