Bob Horvath and Todd Tremblay of Marcus & Millichap Investment Real Estate Services of Boston were the sole brokers in the sale of two new construction Walgreens located in Massachusetts for a total sale price of $16.2 million.
The first Walgreens (14,500 s/f) is located in North Reading and sold at a CAP rate of 6.38%. The second Walgreens (12,286 s/f) located in Hudson sold at a CAP rate of 6.5%. The buyer, a regional investor, was represented by Wilmer Hale in Boston. The seller, a regional developer, was represented by its in-house council. Walgreens continues to remain one of the most popular and conservative investment choices for our local, regional, and national 1031 exchange buyers.
Marcus & Millichap is one of the largest commercial real estate brokerages in the nation focusing exclusively on real estate investments.