Las Vegas Walgreens Garners a Record-Breaking $1,736 Per SF Price

Marcus & Millichap Real Estate Investment Services negotiated the sale of a 16,016-sq.-ft. Walgreens store on the Las Vegas Strip to a foreign fund for $27.8 million. The price works out to $1,736 per sq. ft., the highest price ever paid for a single-tenant drugstore in the U.S., according to Marcus & Millichap. The property was completed in 2001. Walgreens, which operates 24 hours a day on the site, has a 20-year triple-net lease for the property, which has recently been extended by 10 years. The lease structure provides for a 10 percent rent increase every 10 years, in