Marcus & Millichap Arranges Sale of Boston-Area Walgreens
- Apr 13, 2020
Marcus & Millichap has completed the sale of 1765 Middlesex St., a 14,820-square-foot retail property in Lowell, Mass. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia assisted the seller, while Adam Friedlander represented the 1031 exchange buyer. The transaction between the two private investors closed for $9 million.
In a recent transaction, another Marcus & Millichap team arranged the sale of a 5,000-square-foot medical office building in Farmers Branch, Texas. The asset is fully leased to Baylor Scott & White Institute for Rehabilitation.
The Lowell property is fully occupied by Walgreens. According to D’Ambrosia, the sale indicates increased interest in net-leased health-care sites. He also noted that such assets are proving to be not only resistant to economic and recession concerns, but also resilient through this new period of risk posed by COVID-19.
Located on a 1.53-acre lot, the property is 4 miles from Interstate 495. The University of Massachusetts, Lowell and the city center are 2 miles from 1765 Middlesex.