Press Releases
Marcus & Millichap Arranges Sale of Prime Walgreens Location in Long Island
August 06, 2024
AMITYVILLE, N.Y., August 6, 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 located in Amityville, New York. The property sold for $4,650,000.
“This location's lease was recently extended for an additional 12 years, showing the tenant's commitment to the submarket,” said Derrick Dougherty, senior vice president investments. “This site has proven success, with an 18 percent increase in sales from 2022 to 2023, which is notable given the recent drop in Walgreens’ stock value."
Dougherty and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the sellers, local family investors, and procured the buyer, a local investor group. Jon Horowitz, Broker of Record in New York, assisted in closing the transaction.
“I want to express my gratitude to all parties involved in this transaction,” said Geaneotes, associate. “Their open communication and professionalism helped us overcome any hurdle we faced.”
The Walgreens property is on a 2.66-acre parcel at 275 Broadway on the South Shore of Long Island, Jones Beach Island and Fire Island. Built in 2001, the 15,120-square-foot building receives visibility from 33,100 vehicles per day on Broadway with three points of ingress and egress. Walgreens has solidified its presence in the submarket, ranking in the top 35 percent on a national level in comparison to other locations.
“This location's lease was recently extended for an additional 12 years, showing the tenant's commitment to the submarket,” said Derrick Dougherty, senior vice president investments. “This site has proven success, with an 18 percent increase in sales from 2022 to 2023, which is notable given the recent drop in Walgreens’ stock value."
Dougherty and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the sellers, local family investors, and procured the buyer, a local investor group. Jon Horowitz, Broker of Record in New York, assisted in closing the transaction.
“I want to express my gratitude to all parties involved in this transaction,” said Geaneotes, associate. “Their open communication and professionalism helped us overcome any hurdle we faced.”
The Walgreens property is on a 2.66-acre parcel at 275 Broadway on the South Shore of Long Island, Jones Beach Island and Fire Island. Built in 2001, the 15,120-square-foot building receives visibility from 33,100 vehicles per day on Broadway with three points of ingress and egress. Walgreens has solidified its presence in the submarket, ranking in the top 35 percent on a national level in comparison to other locations.
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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.
