A Walgreens NNN in Vegas has sold for $27.8 million, or $1,736 psf, the highest price per square foot for a single-tenant leased drugstore in America.
The WAG drugstore is open 24 hours with frontage on the Strip, able to take advantage of heavy foot traffic from nearly 40 million visitors to Las Vegas every year.
Similar pricing hasn’t been achieved since January 2005, the height of the commercial real estate boom, when a drugstore in Miami was sold for $19.5 million. The only comparable transaction was a drugstore in Fort Myers, Fla., that sold for $1,466 psf in August, according to CoStar.
Commercial listing service LoopNet shows a stand-alone WAG for sale in New York for $11.6 million, or $1,225 a square foot, and one in Los Angeles for $14.4 million, or $1,078 psf. TMO represents the buyer of a WAG NNN in northern CA for $879 psf.
Walgreens NNN properties provide investors long term stable cash flows. Contact TMO at 1-866-539-1777 for Walgreens for sale or
Marcus and Millichap was the broker for the above Vegas Walgreens NNN sale.