Marcus & Millichap Inc.
07/22/2024 | Press release | Distributed by Public on 07/23/2024 09:38
Marcus & Millichap Arranges The Sale Of A 15,427 SF Net-Leased Property in Everett
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Marcus & Millichap Arranges The Sale Of A 15,427 SF Net-Leased Property in Everett
July 22, 2024
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EVERETT, WA, July 22, 2024 - 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 Former Bartell Drugs near high-volume Safeway, priced at 50% of replacement cost, a 15,427 SF net-leased property located in Everett, Washington. The asset sold for $2,750,000.
Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Former Bartell Drugs near high-volume Safeway, priced at 50% of replacement cost is located at 1825 Broadway in Everett, Washington. The property is a 15,427 SF high-quality concrete block construction built in 2000 and is priced at $200/SF, which is a fraction of the cost to build a comparable building in today's market and is also equipped with abundant on-site parking on it's 0.90-acre lot and includes a drive-thru. The Property is on a signalized hard corner (24,000+ VPD) with excellent visibility and large signage. The location was previously a Bartell Drugs that closed as part of Rite Aid's Chapter 11 bankruptcy restructuring. Rite Aid purchased the longstanding Seattle-based drug store chain Bartell Drugs in December 2020 for $95 million. Bartell Drugs previously had 67 locations in Washington state.
Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Former Bartell Drugs near high-volume Safeway, priced at 50% of replacement cost is located at 1825 Broadway in Everett, Washington. The property is a 15,427 SF high-quality concrete block construction built in 2000 and is priced at $200/SF, which is a fraction of the cost to build a comparable building in today's market and is also equipped with abundant on-site parking on it's 0.90-acre lot and includes a drive-thru. The Property is on a signalized hard corner (24,000+ VPD) with excellent visibility and large signage. The location was previously a Bartell Drugs that closed as part of Rite Aid's Chapter 11 bankruptcy restructuring. Rite Aid purchased the longstanding Seattle-based drug store chain Bartell Drugs in December 2020 for $95 million. Bartell Drugs previously had 67 locations in Washington state.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.