News: Retail
Posted: February 26, 2009
Horvath and Tremblay of Marcus & Millichap sell Walgreens for $9.352m
Bob Horvath and Todd Tremblay of Marcus & Millichap Investment Real Estate Services of Boston were the sole brokers in the sale of a new construction Walgreens for a total sale price of $9.352 million.
The Walgreens drug store, built in 2008, is located on 35 Central St. in downtown Leominster. The property traded at a 6.36% capitalization rate. The buyer, a regional investor, was represented by Wilmer Hale in Boston, while the seller, a regional developer, was represented by its in-house council. Walgreens continues to remain one of the most popular and conservative investment choices for local, regional, and national 1031 exchange buyers.
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