Marcus & Millichap Brokers Walgreens in Alexandria, VA for $11.68M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Walgreens, a single tenant net-leased property located in Alexandria, Virginia, according to Brian Hosey, first vice president and division manager of the firm’s Washington, D.C. office. The asset sold for $11,680,000.

“In today’s challenging market, tapping our deep relationships in the private investor space was critical in executing on this assignment,” said Josh Ein, who led the transaction. “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. Transacting a drug store for over $10M is likely to be a rare event in 2023,” added Dean Zang.

Dean Zang, David S. Crotts, and Josh Ein, investment specialists in Marcus & Millichap’s Washington, D.C. office, represented the buyer, a locally based investor, in this transaction. The seller was not represented.

Walgreens is located at 6717 Richmond Highway at its intersection with Beacon Hill Road. The local Marcus & Millichap office previously brokered the sale of this property for its original developer, Pace Properties, in 2010. The firm also previously brokered the Chili’s ground lease just six parcels removed from Walgreens.

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