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 15,064-square foot net-leased property located in Allentown, PA, according to Ryan Nee, Regional Manager of the firm’s Miami office. The asset sold for $5,750,000.

The buyer, a limited liability company, was secured and represented by Gabriel Britti, Ricardo Esteves and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami with assistance from Pennsylvania Regional Manager and Broker of Record, Sean Beuche assisted in closing this transaction.

“This was a 1031 replacement property for our client who assumed the in-place CMBS loan supporting the strong demand for essential business, single tenant properties,” says Issenberg.

Walgreens is located at 1702 W Tilghman Street in Allentown, PA. “There is 14+ years remaining on an original 20-year, absolute net lease,” says Esteves. “The store is open 24 hours and has well above national average sales,” adds Britti.

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.