The median price per sf for drug stores sold in the region in the first three quarters of 2002 was $253.87 versus $113.18 for other single-tenant properties.
"Drug stores typically fetch a higher price per sf than other single-tenant properties because they bring strong credit and a reliable sales base to the negotiating table," M&M's Steven M. Ekovich, vice president/regional manager, Florida, says in the report.
He says buyers are willing to take a reduced cap rate in buying single-tenant, net-leased properties "in exchange for what they perceive to be a stable and worry-free commercial real estate investment."
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