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Walgreens Staten Island Map

Who says retail investment deals are sluggish in this Recession?  You can't prove it by a just-built Walgreens store at 2191 Richmond Ave. in Staten Island, NY.

Only 7,264-square-feet in size, the property was sold by the unidentified developer to an unidentified buyer for $9.5 million.

The price represented a cap rate of 7.25 percent.

"The total lease term is 75 years with Walgreens having the option to terminate after year 25," says Steven Siegel, a vice president investments and senior director of Marcus & Millichap's Net Leased Properties Group in Manhattan.

"This is a zero-management asset," adds Siegel. He represented the seller.

Scott Plasky, a net-leased properties investment specialist in M&M's Manhattan office, worked with Siegel. The brokers identified the seller only as  "a Walgreens preferred developer."

Anthony Reitano of Mount Vernon, NY-based Laquilla Realty LLC negotiated for the buyer.

"The property is a recently opened, brand-new,  freestanding building located on a major retail corridor surrounded by national credit tenants," says Siegel.

The property is located at 2191 Richmond Ave. in Staten Island, surrounded by national and local retailers including CVS, Rite Aid, Barnes & Noble, Pier 1, Duane Reade, Wendy's, PC Richard & Sons, Dunkin' Donuts, Marshalls, Best Buy and Starbucks.

The 1.2 million-square foot, 200-store Staten Island Mall, a half mile away at 2655 Richmond Ave., is anchored by Sears, JCPenney and Macy's.

The population within three miles of the property is 190,000 and the average household income is greater than $92,000, according to Siegel.

Staten Island is one of the five boroughs of New York City.

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