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Maryland Walgreens Trades at Near 8% Cap

CHESTERTOWN, MD-Net lease properties are becoming more attractive to investors, albeit not necessarily the 1031 investors that used to snap up such deals.

By Erika Morphy | Updated on May 03, 2010

CHESTERTOWN, MD-A newly-constructed Walgreens here has traded for $7 million, at a 7.85% cap on current income. The seller is an LLC related to DMS Development of Towson, MD, while the buyer is 701 Washington Avenue LLC, which represents the interests of the New Jersey-based Tsavola family, according to Dean Zang in the Philadelphia office of Marcus & Millichap.

Zang and and Mark Taylor represented the seller, while Lori Schneider of Marcus & Millichap’s Fort Lauderdale office procured the buyer. Ramon Kochavi, broker of record in Maryland for Marcus & Millichap assisted with the transaction.

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