NEW YORK– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 9,988-square foot Walgreens drugstore in St. Albans, a neighborhood in the New York City borough of Queens. The sales price of $12,550,000 equates to $1,257 per square foot, which is the highest price per square foot achieved for a Walgreens in New York City so far this year. The buyer, a California private investment fund, paid all cash.
Gabriel Britti, an associate vice president investments, and Ronnie Issenberg, also an associate vice president investments, both in Marcus & Millichap’s Miami office, represented the seller, a South Florida private investment fund. Additional assistance in closing the transaction was provided by J.D. Parker, first vice president and regional manager of the firm’s Manhattan office.
“New York City continues to demonstrate its pre-eminence as a top retail investment market,” says Britti. “The city’s high retail sales and the popularity of well-located net-leased assets make this Walgreens particularly attractive.”
“The corporate-guaranteed triple-net lease has 19 years remaining and contains four five-year options with 4 percent increases in each option period,” adds Issenberg.
Built in 2011 on 0.45 acres, the drugstore is located at 112-55 Farmers Blvd. in St. Albans, New York. Approximately 1,244,000 people reside in the market area and the average annual household income is greater than $81,465.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.