Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 14,490-square-foot Walgreens drugstore in Burnsville, Minn., a densely populated suburb approximately 20 miles south of downtown Minneapolis. The $11.5 million sales price equates to $794 per square foot.
Sean Doyle, senior associate in Marcus & Millichap s Minneapolis office, represented the seller. Brandon Hanna, vice president investments in the firm s Detroit office, represented the buyer, a Florida-based private investor.
Walgreens is operating this property under a corporate-guaranteed 75-year absolute net lease that has 21 years remaining, says Doyle. The store was moved to its current location one of most dense retail corridors in the Twin Cities area in 2009, adds Hanna. Situated at 950 County Road 42 W in Burnsville, Minn., the property is an out-parcel to a Super Target-anchored retail center and a newly constructed Costco. The location is directly across the street from an approximately 1.1 million-square-foot mall in Burnsville Center and blocks from Interstate 35W, the Twin Cities primary highway. County Road 42 is a major east/west thoroughfare with a traffic count of 46,000 vehicles per day. Nearly 80,000 people live within a three-mile radius of the property.