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ELDERSBURG, MD-A limited liability company here has just sold a 14,820-sf property here with a 25-year absolute net Walgreens lease in place with five options at five years each. A 1031 buyer in California, Tenth Avenue Investments LLC, made an all-cash offer for the package two weeks after it began marketing, according to the seller’s brokers.

The sales price was $6.4 million or $432.74 per sf at a cap rate of 6.2%. Dean Zang, a senior associate in the Philadelphia office of Marcus & Millichap, and Mark Taylor, a senior investment associate also in the firm’s Philadelphia office, represented the seller. Jim Casale of Voit Commercial Brokerage represented the buyer.

Zang tells GlobeSt.com that the cap rate was “outstanding” for this particular type of transaction. In general, he says, “buyers are fleeing to quality, putting a premium on even bond leases that have superior locations.”

This Walgreens is located at the northwest corner of Maryland State Routes 32 and 26 in Eldersburg near several big box retailers. It is also across the street from the Main Street Eldersburg project, a LEED-certified, 90,000-sf lifestyle center consisting of three buildings and five pad sites.

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