15,000-SF Walgreens Sells for $6M

ORLANDO-A Florida developer sold a 14,490-square foot Walgreens located in Kissimmee just outside of Orlando on July 20^th for $5.6 million. The price per square foot for the nearly 11-month old single-tenant building was $386 per square foot, which is about average for this kind of investment, says Paul Nudelman, an investment specialist with the Miami office of Marcus & Millichap who represented the buyer, a Southwest Florida real estate investment partnership which owns one or two other single-tenant buildings with triple net leases.

The Walgreens is located on a major road leading to Disney World and I-4. As of August 2009, Walgreens operated 7,496 locations in 50 states, the District of Columbia, Puerto Rico and Guam.