Marcus & Millichap, a leading commercial real estate brokerage firm, recently facilitated the sale of a prime property in Everett, Washington. The former Bartell Drugs store was situated near a high-volume Safeway and sold for $2.75 million – just half of its replacement cost. This 15,427 square foot net-leased property was listed by Clayton J. Brown and Ruthanne Loar from Marcus & Millichap’s Seattle office on behalf of the seller – a limited liability company.
The location had previously been occupied by Bartell Drugs but closed down as part of Rite Aid’s Chapter 11 bankruptcy restructuring plan. Built in 2000 with concrete block construction, this property was priced at $200 per square foot which is significantly lower than current market rates for similar buildings. Additionally, it offers ample on-site parking on its spacious 0.90-acre lot that includes convenient drive-thru access.
In December 2020, Rite Aid acquired the popular Seattle-based drugstore chain Bartell Drugs for $95 million which included their previous portfolio consisting of 67 locations across Washington state.
This transaction highlights Marcus & Millichap’s expertise in facilitating successful deals within the commercial real estate market and their commitment to providing exceptional service to clients nationwide.
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