Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Walgreens, a single tenant net-leased property located in Alexandria, Virginia, according to Brian Hosey, first vice president and division manager of the firm’s Washington, D.C. office. The asset sold for $11,680,000.
“In today’s challenging market, tapping our deep relationships in the private investor space was critical in executing on this assignment,” said Josh Ein, who led the transaction. “Year over year, we have seen the average transaction purchase price significantly decline by over 10%, and that’s what makes this transaction so notable. Transacting a drug store for over $10M is likely to be a rare event in 2023,” added Dean Zang.
Dean Zang, David S. Crotts, and Josh Ein, investment specialists in Marcus & Millichap’s Washington, D.C. office, represented the buyer, a locally based investor, in this transaction. The seller was not represented.
Walgreens is located at 6717 Richmond Highway at its intersection with Beacon Hill Road. The local Marcus & Millichap office previously brokered the sale of this property for its original developer, Pace Properties, in 2010. The firm also previously brokered the Chili’s ground lease just six parcels removed from Walgreens.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As
of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.