PHOENIX, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that two agents in the firm’s Phoenix office recently sold seven Walgreens drugstores, according to David Guido (top right photo), regional manager of the Phoenix office.
The properties are:
- 4470 Royal Pine Drive, Colorado Springs, Colo.: 14,550 square feet; $3,358,000 or $231 per square foot
- 15450 North Tatum Boulevard, Phoenix, Ariz.: 14,832 square feet; $7,725,000 or $521 per square foot
- 15490 West Bell Road, Surprise, Ariz.: 13,905 square feet; $3,156,000 or $227 per square foot
- 4420 East Brown Road, Mesa, Ariz.: 13,905 square feet; $2,994,000 or $215 per square foot (top left photo)
- 1025 S. Milton Road, Flagstaff, Ariz..: 13,695 square feet; $3,911.000 or $286 per square foot
- 25073 W. Southern Avenue, Buckeye, Ariz.; 14,820 square feet; $4,445,000 or $300 per square foot
- W62N190 Washington Avenue, Cedarburg, Wis., 14,550 square feet or $381 per square foot
“As in other markets around the country, single-tenant properties net-leased to top-rated corporate tenants in the West and Midwest generate intense bidding when listed,” says Medress. “This trend is expected to continue in 2011 as high-net worth individuals and well-funded REITs compete for acquisitions.”“Unimpressive returns offered by alternative investments and ongoing stock market uncertainty will continue to heighten private buyers’ appetite for low-risk, corporate-backed assets,” adds Ruble.
Matthew Fitzgerald of the firm’s Madison office provided representation in Wisconsin and Michael Hoffman of the firm’s Denver office provided representation in Colorado Springs.
Lior Regenstreif of the Encino office represented the buyer of the Colorado Springs Walgreens and Steve Gonzalez in Phoenix assisted in representing the seller of the 15450 North Tatum Blvd. in Phoenix.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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