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 Walgreens, an 11,212 square foot net-leased property located in Laurel, MD, according to James McGuckin, regional manager of the firm’s New Jersey office. The asset sold for $3,300,000.

The buyer, a limited liability company, was secured and represented by Karly Iacono, First Vice President Investments in Marcus & Millichap’s New Jersey Office. Regional Manager, Brian Hosey along with Bryn Merrey Broker of Record for Maryland, assisted in closing this transaction. “The buyer purchased the leasehold interest a few years ago and we have been working on securing the ground lease portion of the investment since then,” Iacono said. “All parties involved were incredibly pleased with the outcome of the transaction. It is possible for all sides to get a good deal.”

Walgreens is located at 600 Washington Blvd in Laurel, MD. Laurel is located approximately 20 miles outside of Washington D.C. The property is situated in a dense retail corridor and benefits from excellent visibility with multiple points of ingress and egress.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.