Press Releases
Marcus & Millichap Arranges Sale of Walgreens Property in Temple, Texas
October 15, 2026
TEMPLE, Texas, Oct. 15, 2026 — 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 13,573-square-foot Walgreens property in Temple, Texas.
“This Walgreens moved to contract well ahead of the average marketing time for comparable Texas locations, helped by a slightly below-market rent and longer remaining lease term,” said Blake Burnett, senior director investments. “We also worked with our Arizona team to identify the client's 1031 exchange upleg, an off-market replacement property. This marks the second transaction we have completed in collaboration with the Arizona team for the same client, following another closing earlier this year.”
Burnett and Vince Knipp, investment specialists in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the seller, a private investor.
The property is located at 3614 S. 31st St. in Temple. Built in 1996, the 13,573-square-foot asset sits on 1.77 acres and is operated under a corporate-guaranteed double-net lease. Walgreens recently exercised its second renewal option, extending its occupancy at the property. The site is located along a retail corridor near Walmart Supercenter, Temple Mall and Baylor Scott & White Medical Center.
“This Walgreens moved to contract well ahead of the average marketing time for comparable Texas locations, helped by a slightly below-market rent and longer remaining lease term,” said Blake Burnett, senior director investments. “We also worked with our Arizona team to identify the client's 1031 exchange upleg, an off-market replacement property. This marks the second transaction we have completed in collaboration with the Arizona team for the same client, following another closing earlier this year.”
Burnett and Vince Knipp, investment specialists in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the seller, a private investor.
The property is located at 3614 S. 31st St. in Temple. Built in 1996, the 13,573-square-foot asset sits on 1.77 acres and is operated under a corporate-guaranteed double-net lease. Walgreens recently exercised its second renewal option, extending its occupancy at the property. The site is located along a retail corridor near Walmart Supercenter, Temple Mall and Baylor Scott & White Medical Center.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
