Marcus & Millichap sells Walgreens in Lansing
Marcus & Millichap completed the sale of Walgreens, a 14,559 square meter net rental property in Lansing, Michigan. The asset was sold for $ 6.2 million.
James Ziegler, Keith Zelenika and Mitchell Kiven, investment specialists in the Chicago downtown office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a Chicago-based private investor. Steve Chaben, Michigan Broker of Record, helped close this transaction.
Walgreens is located on 6421 W. Saginaw Highway in Lansing. The absolute net lease only had a remaining term of nine years and the property was sold to a private investor based in New York on a 1031 exchange.
The property was closed in a cash transaction. Investors are still very interested in such properties; The listing team was able to prepare four written offers and sell the property approx. 60 days after the contract was signed.