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 1575 U.S. 9, in Wappingers Falls, according to John Krueger, Regional Manager and Vice President of the firm’s Manhattan and White Plains office. The NNN site, which is occupied by a corporately guaranteed Walgreens, sold for $9,750,000.
The seller, Long Island-based Heights of Main LLC, was exclusively secured by Michael Tuccillo of the firm’s Manhattan Office. Regarding the transaction, The buyer, Ital Food Distributors, was secured by Philip Biancavilla of Berkshire Hathaway. Tuccillo said, “This was a rare opportunity to acquire a trophy property in a premier market on a corporately-backed lease with minimal landlord responsibility.”
Located on U.S. 9 in Wappingers Falls, Wagreens sees an average of 45,000 VPD, and was able to retain strong interest due to the pharmacy’s strong sales and long lease throughout COVID-19. The Walgreens’ desirability and success at market reflects a trend in the commercial real estate industry: the rise of smaller markets.
According to Marcus & Millichap Research Services’ July 2020 Special Report on Population Mobility, 60% of all major trades now occur outside of primary metros, a 20% decline since the beginning of the century. Tuccillo said, “This Walgreens also traded at a 5.7 cap; these deals typically trade closer to 5.85. We were able to outperform the market here, and a high desire for NNN properties certainly contributed here.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
