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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.