Retail V Michigan

Encore sells Walgreens in Lansing

Encore sells Walgreens in Lansing,ph01

Encore Real Estate Investment Services recently closed the sale of a Walgreens in Lansing, Michigan. The store is located at 6421 W. Saginaw Highway.

The property is a freestanding Walgreens that has more than 12 years remanining on the lease at the time of sale. The property sold at $6.25 million. This represents a 6.1 percent cap rate and $429.29 a square foot.

Brandon Hanna, Deno Bistolarides and Ryan Vinco of Encore represented the seller. The buyer completed a 1031 exchange, and was sourced through Encore’s network of buyers and brokers.