Press Releases
Marcus & Millichap Brokers $6.25 Million Walgreens Sale
October 30, 2023
ROCK HILL, S.C., October 30, 2023 – 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 a Walgreens property located in Rock Hill, South Carolina. The asset sold for $6.25 million, or $429.55 per square foot.
“Our client purchased this property to satisfy as 1031 exhcance requirement, and this property checked a lot of boxes,” says Margulies. “The location, price point, lease term remaining, and strength of tenant were perfect for the buyer.”
Andrew Margulies, Harrison Creason and John Berger, investment specialists with the AM Group of Marcus & Millichap, procured the North Carolina-based buyer. The seller is Washington-based Zosime, LLC. Dean Giannakopoulos of Marcus & Millichap Capital Corporation secured new financing for the buyer.
“The lending environment today can be uncertain, even for the most seasoned real estate investors,” says Creason. “Our capital markets team provided the client with competitive loan options to help make the transaction as smooth as possible. This Walgreens sale is a great example of why it’s important to have strong lending relationships nationally, who can provide competitive loans quickly and efficiently.”
The subject property is located at 1645 Cranium Drive in Rock Hill. The 14,550-square-foot Walgreens was built in 2013 on two acres of land. Their lease is an absolute triple-net that has 15 years remaining.
“Our client purchased this property to satisfy as 1031 exhcance requirement, and this property checked a lot of boxes,” says Margulies. “The location, price point, lease term remaining, and strength of tenant were perfect for the buyer.”
Andrew Margulies, Harrison Creason and John Berger, investment specialists with the AM Group of Marcus & Millichap, procured the North Carolina-based buyer. The seller is Washington-based Zosime, LLC. Dean Giannakopoulos of Marcus & Millichap Capital Corporation secured new financing for the buyer.
“The lending environment today can be uncertain, even for the most seasoned real estate investors,” says Creason. “Our capital markets team provided the client with competitive loan options to help make the transaction as smooth as possible. This Walgreens sale is a great example of why it’s important to have strong lending relationships nationally, who can provide competitive loans quickly and efficiently.”
The subject property is located at 1645 Cranium Drive in Rock Hill. The 14,550-square-foot Walgreens was built in 2013 on two acres of land. Their lease is an absolute triple-net that has 15 years remaining.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
