Marcus & Millichap closed the sale of Walgreens, a 14,559-square-foot net-leased property in Lansing, Michigan. The asset sold for $6.2 million.
James Ziegler, Keith Zelenika and Mitchell Kiven, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a Chicago-based private investor. Steve Chaben, Michigan Broker of Record, assisted in closing this transaction.
Walgreens is located at 6421 W. Saginaw Highway in Lansing. The absolute net lease had just more than nine years of lease term remaining, and the property sold to a New York-based private investor in a 1031 Exchange.
The property closed in an all-cash transaction. Investor interest remains strong in properties like this; the listing team was able to generate four written offers and the property sold about 60 days after going under contract.
