Monroe retail plaza sells for $6M - Westfair Communications

A 14,560-square-foot net-leased retail property in Monroe tenanted by Walgreens has been sold for $6 million.

Marcus & Millichap coordinated the transaction on behalf of the seller, 275 Monroe Turnpike LLC, and secured the undisclosed buyer.

“This Walgreens at 275 Monroe Turnpike is one of the highest performing locations throughout the State of Connecticut, which led to a significant amount of demand for the property,” said Nick Geaneotes, investment manager at Marcus & Millichap. “The all-cash purchaser was a private company with national real estate holdings in trophy locations. The seller ”“ who plans to move the equity to Florida and purchase multiple long-term single-tenant properties via a 1031 exchange ”“ had owned the property for many years and was extremely pleased to see the property transfer to such a qualified buyer. Both teams were a pleasure to work with during this transaction.”