MARCUS & MILLICHAP LISTS $29.6 MILLION FOUR-PROPERTY WALGREENS PORTFOLIO IN MARYLAND

Marcus & Millichap (01/12/2010) - PHILADELPHIA, Jan. 8, 2010  Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has received the listing for a $29.8 million four-property Walgreens portfolio in Maryland. The properties are also available separately.

Mark Taylor, a vice president investments and a director of the firm's Net Leased Properties Group (NLPG) in Philadelphia, and Dean Zang, an associate vice president investments and an associate director of the NLPG, also in Philadelphia, are representing the seller, a Maryland-based developer. Payton Banks, an associate vice president in the firm's Washington, D.C. office, is also providing representation.

"It's rare to find a portfolio of drug store locations in the Mid-Atlantic region today," says Zang. "These sites may be most appealing to1031-exchange buyers, especially with the properties' proximity to the infill markets of Washington, D.C., Annapolis and Baltimore."

The properties are:

- 498 Ritchie Highway in Severna Park: 14,784 SF on 1.65 acres with a new 20-year triple-net lease; the list price of $10,333,333 represents $699 per SF

- 701 Washington Avenue in Chestertown: 14,952 SF on 1.3 acres with a new 25-year triple-net lease; the list price of $7,400,000 represents $494 per SF

- 1800 Main Street in Chester (Kent Island): 14,550 SF on 1.75 acres with a new 25-year triple net lease; the list price of $6,800,000 represents $467 per SF

- Route 40 and Whitehall Road in Elkton: 13,721 SF on 1.25 acres with a new 25-year triple-net lease, the list price of $5,066,666 represents $369 per SF

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