Marcus & Millichap brokered the sale of Former Bartell Drugs near high-volume Safeway, priced at 50% of replacement cost, a 15,427 square foot net-leased property located in Everett, Washington. The asset sold for $2.75 million.

Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The location was previously a Bartell Drugs that closed as part of Rite Aid’s Chapter 11 bankruptcy restructuring. The property is a concrete block construction built in 2000 and was priced at $200 per square foot, a fraction of the cost to build a comparable building in today’s market. The asset also features abundant on-site parking on its 0.90-acre lot that includes a drive-thru.

Rite Aid purchased the longstanding Seattle-based drug store chain Bartell Drugs in December 2020 for $95 million. Bartell Drugs previously had 67 locations in Washington state.