Real Estate Journal — DelMarVa — April 12 - 25, 2019 — 9A
M id A tlantic
D el M ar V a
Merrey assisted in closing sale of a 8,500 s/f net-leased Children of America property Zang & Ein of Marcus & Millichap sell DC area Walgreens at 100% of asking price
ILVER SPRING, MD — Marcus &Millichap has announced the sale of
Walgreens, a 13,361 s/f ne t - l e a s e d property lo- cated in Sil- ver Spring. Th e a s s e t sold for $9 million. The 1.25- a c r e s i t e l o c a t ed a t 13307 New Hampshire Ave. in Silver Spring was o r i g i n a l l y developed in 2005 as an Eckerd Drug Store, by a lo- cal partner- ship between Joe Caputo and Sheldon Nasar. The t e am b r o - k e r e d t h e initial sale of the site for
12008 Old Salem Church Rd.
Walgreens in Silver Springs, MD
transaction. The Children of America is located at 12008 Old Salem Church Rd. in Fredericksburg,
VA. The property had two additional pads that were ap- proved, zoned, and permitted for two additional buildings.
million. The buyer, a 1031 exchange investor, was secured and
represented by Zang and his team. BrynMerrey , broker of record, assisted in closing this
the original developer in 2005. Shortly after the property was developed, Eckerd was pur- chased by Rite Aid and this store has operated as a Rite Aid since 2007. As a result of the recent acquisition of Rite Aid by Walgreens Boots Alliance, the store has been rebranded as a Walgreens. At the time of the 2019 sale, the site had about 12 years remaining on the original 25- year NNN lease. Dean Zang senior manag- ing director and Josh Ein vice president of investments, in Marcus & Millichap’s Wash- ington, D.C. office, had the listing to market the property on behalf of the seller, a pri- vate local developer and pro- cured the buyer, a local 1031 exchange investor. Zang and his team were able to achieve 100% of the asking price. “Although we are seeing some cap rate expansion in the drug store sector, our team and exclusive listing platform were able to achieve full asking price for the property by driv- ing multiple offers,” said Ein. The team currently has seven Walgreens listed for sale. In other news, Zang had the listing to market an 8,500 s/f net-leased Children of America property located in Freder- icksburg, VA on behalf of the seller. The asset sold for $2.175
Photo © Connie Zhou
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