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NEW YORK CITY-In a deal valued at $5.4 million, Mark Investments Inc. has sold a 13,905-sf Walgreens in Queens to Y&O Merrick LLC. The Westport, CT-based purchaser completed a 1031 exchange.

Cohen and Co. Inc. Real Estate was the only broker on the deal, which equated to about $384.75 per sf. CCIRE’s senior executive director Richard Kaiser represented Mark Investments, a local Walgreens developer, and managing director and general counsel Henry I. Feuerstein procured the purchaser. LaSalle Bank provided the financing.

The free-standing property, which includes a drive-thru and a dedicated parking lot, will continue to operate as a Walgreens under a 20-year license agreement, Feuerstein tells GlobeSt.com. “Because of the high land costs and the inability to assemble a piece of land large enough to accommodate a Walgreens, such sites are very rare,” he states.

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