Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Walgreens, a 14,550-square foot net-leased property located in Panama City, Fla. The asset sold for $6,630,000 equating to $455 per square foot.

“Passive private investors looking for safety of yield and little management responsibilities continue to drive sales in the drugstore sector. Because Florida has no state income tax or Rite Aid competition, well-located assets in the state are highly coveted,” says Lori Schneider, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Schneider represented the seller, a limited liability company from Columbia, S.C. The buyer was a private investor from Lexington, K.Y.

Built in 2010 on a 1.77-acre parcel, Walgreens has 20 years remaining on the absolute net lease with no landlord responsibilities and 50 one-year options. The property is located at 635 East Highway 98 at the signalized intersection of Business Highway 98 and Martin Luther King, Jr. Boulevard. It is across from Bay Medical Center, a 323-bed full-service hospital and medical center.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com