LOS ANGELES, CA, Dec.15, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 7,830-square foot Walgreens drugstore in Hollywood (top left rendering). The sales price of $10,710,000 represents $1,368 per square foot, the highest price per square foot for a single-tenant net-leased drugstore in the United States in 2010, according to CoStar and Real Capital Analytics.
“The property is located on a prime Hollywood corner; the site of a Del Taco that was scrapped,” says Thiel. “We closed the transaction pre-completion. The new Walgreens is due to be completed in the spring of 2011,” adds Thiel.
Located at the highly traveled intersection of Santa Monica Boulevard and Highland Avenue in Hollywood, the property’s address is 1050 North Highland Ave. in Los Angeles. Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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