A 16,016sf 24-hour Walgreens in Las Vegas recently sold for $27.8 million ($1,736/sf) making it the highest-traded single-tenant net-leased drugstore in the US, according to a GlobeSt.com report. The property is located at 3025 South Las Vegas Blvd., two blocks from the Las Vegas Convention Center. It was built in 2001 and sits on 1.61 acres. A foreign fund purchased the property from a local real estate investment partnership.

At the time of purchase, Walgreens was in the 11th year of a 20-year lease. Ray Germain, the seller’s representative, negotiated an early extension for ten additional years, making the purchase more desirable
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Other transactions that come close in value: In 2005, at the height of the market, a drugstore in Miami traded for $19.5 million and in August 2011, a drugstore in For Myers, FL sold for $1,466/sf, according to the report.

Last Updated on May 15, 2012 by Ramin Seddiq