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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.