Elite Estate: Staten Island Walgreens Store to Fetch $9.5 Million

Real estate investment services firm Marcus & Millichap sure know how to deal with properties that cost a lot. They have helped to broker a deal that would help in selling the 7,264-square foot Walgreens drugstore in Staten Island for a price of $9.5 million.

That means, it is an astonishing amount of $1,308 per square foot. The property of the Walgreens store was constructed recently in 2009 and is a brand new freestanding building. The lease is for 75 years and if Walgreens chooses, the deal could be terminated after 25 years. The property is located on Richmond Avenue, and is surrounded by major national and local retailers.

These retailers include CVS, Rite Aid, Barnes & Noble, Pier 1, Duane Reade, Wendy’s, PC Richard & Sons, Dunkin’ Donuts, Marshalls, Best Buy and Starbucks. The property is located in one of the prime areas of Staten Island and thus it actually could be a good price indeed, the $9.5 million. It is not clear what the building would be used for in the future for it would no longer be a drugstore.

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Via: City Biz list

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