Marcus & Millichap Arranges $3M Sale of Net-Leased Retail Property in St. Petersburg
Marcus & Millichap has negotiated the $2.5 million sale of a retail property net-leased to Walgreens Pharmacy in St. Petersburg.
Located at 875 Dr M.L.K. Jr. St. N, the 14,208-square-foot property is subject to a long-term lease with Walgreens. Paul Bouldin of Marcus & Millichap’s Tampa office represented the seller, a partnership, in the transaction. The buyer, a limited liability company, was represented by Gabriel Britti and Ronnie Issenberg of Marcus & Millichap’s Miami office.
“Florida, single, credit tenant assets continue to be in strong demand by virtually every product type investor seeking a safe place to park equity until the dust settles from COVID,” said Issenberg. “This is a low rent, low price point credit tenant paying rent through the pandemic. It checks off the boxes of most passive investors in this unstable environment. Our team has a strong pipeline of this caliber of listings hitting the market in Q4 of 2020.”