Marcus & Millichap Brokers “Rare Event” $12M Sale of Walgreens in Alexandria
Marcus & Millichap — a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services — has completed the $11.7-million sale of a single-tenant net-leased Walgreens property located in Alexandria, VA.
Dean Zang, David S. Crotts, and Josh Ein of Marcus & Millichap represented the buyer, a locally based investor, in the transaction. The seller was not represented.
“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,” said Zang. “Transacting a drug store for over $10 million is likely to be a rare event in 2023.”
Walgreens is located at 6717 Richmond Highway at its intersection with Beacon Hill Road. Marcus & Millichap previously brokered the sale of this property for its original developer, Pace Properties, in 2010.