Walgreens in Silicon Valley Trades for $10.05 Million

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Last Updated ( Wednesday, 02 May 2012 13:22 )

DATE_FORMAT_LC2=Wednesday,May 02 2012 12:00:00 am EDT

Walgreens in Silicon Valley Trades for $10.05 Million

SUNNYVALE, Calif. — A 14,820-square-foot Walgreens drugstore in Sunnyvale has sold to an apartment owner for $10.05 million.

The sale was part of a 1031 exchange. The freestanding drugstore was built in 2008 on 1.5 acres. It has a 75-year triple-net lease with 22 years remaining on its initial term and 10 percent rental escalations every 10 years. Thomas Doglio of Marcus & Millichap's Palo Alto office represented the buyer in this transaction.

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