NASHVILLE, NC—The Walgreens store on East Washington St. has sold for $4.025 million.
Brokerage firm Marcus & Millichap reports the 11,180-square-foot net leased property located at 703 East Washington St. was sold by a limited liability company to an unnamed private investor.
Walgreens has a corporate lease that runs through 2025 with four, five-year options. The property commanded a 6.11% capitalization rate and a sale price of $360-per-square-foot.
Craig Fuller, Scott Wiles and Erin E. Patton, investment specialists in Marcus & Millichap’s Cleveland office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Earle Hyman, investment specialist in Marcus & Millichap’s Encino, CA office. Allen Smith, broker, assisted in closing the transaction.