SILVER SPRING, MD — Marcus & Millichap has announced the sale of Walgreens, a 13,361 s/f net-leased property located in Silver Spring. The asset sold for $9 million.
The 1.25-acre site located at 13307 New Hampshire Ave. in Silver Spring was originally developed in 2005 as an Eckerd Drug Store, by a local partnership between Joe Caputo and Sheldon Nasar. The team brokered the initial sale of the site for the original developer in 2005. Shortly after the property was developed, Eckerd was purchased by Rite Aid and this store has operated as a Rite Aid since 2007. As a result of the recent acquisition of Rite Aid by Walgreens Boots Alliance, the store has been rebranded as a Walgreens. At the time of the 2019 sale, the site had about 12 years remaining on the original 25-year NNN lease.