Net Leased Walgreen's Property Sold - Staten Island

NET LEASED WALGREEN’S PROPERTY SOLD

September 2016

Invest Commercial, a net leased investment brokerage firm, has completed the sale of a single tenant. Walgreen’s property located at 1551 Richmond Avenue, Staten Island, New York for $9,275,000. The 14,490 Sq. Ft. building is located on the corner of Richmond Avenue and Morani Street at a traffic light regulated intersection with drive thru pharmacy. There are 10 years left on the Walgreen’s lease which expires in 2026. The absolute triple net lease features no landlord responsibilities and has a full corporate guarantee. Frank Caporrino, President of Invest Commercial, represented both the buyer and the seller in the transaction. The seller was a family trust located in the Midwest and the purchaser was a private investor based in the southeast.

“The market for strong single tenant net leased assets remains strong, particularly in the New York City boroughs. This asset generated a lot of interest because of the remaining lease term of 10 years, extremely strong store sales and its location in a very dense neighborhood” said Frank Caporrino, President of Invest Commercial.

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