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SUNNYVALE, Calif. — Pharmacy was upleg in 1031 exchange.
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.