Marcus & Millichap Inc.
07/25/2024 | Press release | Distributed by Public on 07/26/2024 15:20
Marcus & Millichap Arranges Sale of Walgreens Property in Tulsa
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Marcus & Millichap Arranges Sale of Walgreens Property in Tulsa
July 25, 2024
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TULSA, Okla., July 24, 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 a Walgreens property in Tulsa, Oklahoma. The property sold for $3,951,515.
"Despite a general fear of Walgreens in the market with news of closings due to high rents, we have found tremendous success delivering our Walgreens deals operating at market rent while boasting strong store sales," said Joe Sparano "This location hit both those marks, allowing the buyer to feel strong about the long-term commitment to this site."
Sparano, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Steve Greer, Broker of Record in Oklahoma, assisted in closing the transaction.
"We have been able to find continued success for our clients by properly evaluating each site's specifics strengths and weaknesses, and pricing accordingly," said Yozwiak, senior vice president investments.
The 14,490-square-foot Walgreens is located at 8102 S. Yale Avenue. This strategic location boasts high traffic visibility with over 26,300 vehicles per day along S. Yale Avenue and over 15,800 vehicles per day at the E. 81st Street intersection, just 11 miles from downtown Tulsa. Built in 2002, the property is conveniently situated two miles from St. Francis Hospital, a major 1,110-plus bed facility and Level II Trauma Center, and two and a half miles from the Oral Roberts University campus.
"Despite a general fear of Walgreens in the market with news of closings due to high rents, we have found tremendous success delivering our Walgreens deals operating at market rent while boasting strong store sales," said Joe Sparano "This location hit both those marks, allowing the buyer to feel strong about the long-term commitment to this site."
Sparano, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Steve Greer, Broker of Record in Oklahoma, assisted in closing the transaction.
"We have been able to find continued success for our clients by properly evaluating each site's specifics strengths and weaknesses, and pricing accordingly," said Yozwiak, senior vice president investments.
The 14,490-square-foot Walgreens is located at 8102 S. Yale Avenue. This strategic location boasts high traffic visibility with over 26,300 vehicles per day along S. Yale Avenue and over 15,800 vehicles per day at the E. 81st Street intersection, just 11 miles from downtown Tulsa. Built in 2002, the property is conveniently situated two miles from St. Francis Hospital, a major 1,110-plus bed facility and Level II Trauma Center, and two and a half miles from the Oral Roberts University campus.
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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.