Marcus & Millichap : Brokers the Sale of a Walgreens in Dubuque for $5.5 Million

Press Releases

DUBUQUE, IA, January 31, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Walgreens, a 14,568 square-foot net-leased property located in Dubuque, Iowa according to John Horowitz, regional manager of the firm’s Manhattan office. The asset sold for $5,466,666.

“The asset offered an excellent cap rate and yield potential for an investor seeking quality real estate with a long-term lease and credit tenant”, said Jesse Limon, first vice president investments in Marcus & Millichap’s Manhattan office, who had the exclusive listing to market the property on behalf of the seller, a private family. The buyer, an individual/personal trust, was secured and represented by David O’Keefe, Steve Bogoyevac and Troy Reese, investment specialists in Marcus & Millichap’s South Bay office. Jon Ruzicka, broker, assisted in closing this transaction. “This was a collaborative effort on all sides to get the deal done before year end. Special thanks to Scott Budzenski with MMCC for being an integral part of the process”, said Troy Reese, senior associate. Scott Budzenski, first vice president capital markets with the Marcus & Millichap Capital Corporation, arranged the financing.

The Walgreens is located at 345 East 20th Street. The property is located on a signalized hard corner, highly visible 1.2 acre lot with exceptional ingress/egress, drive-thru and ample parking near a few popular parks in the area, some of which include Swiss Valley Nature Preserve, Dubuque Arboretum & Botanical Gardens, Crystal Lake Cave, McAleece Park, and the Mighty Mississippi.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.