Marcus & Millichap arranges sale of Walgreens for $5.7M

Marcus & Millichap arranges sale of Walgreens for $5.7M

ALLENTOWN, PA — Marcus & Millichap announced the sale of Walgreens, a 15,064 s/f net-leased property located in Allentown, according to Ryan Nee, regional manager of the firm’s Miami office. The asset sold for $5.75 million. The buyer was secured and represented by Gabriel Britti, Ricardo Esteves and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami with assistance from PA regional manager and broker of record, Sean Beuche. “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,” said Issenberg. Walgreens is located at 1702 W. Tilghman St. in Allentown, PA. “There is 14+ years remaining on an original 20-year, absolute net lease,” said Esteves.

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