CVS Trades For $4.3 Million

Jan 19, 2015 No Comments by

Marcus & Millichap negotiated the sale of CVS, a 10,908-square foot net-leased property located in St. Cloud, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $4,300,000 equating to $394 per square foot.

Lori Schneider, a senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Mount Pleasant, SC.

 

“Because the current inventory of new credit net-leased properties is low, demand for existing properties with shorter lease terms is rising,” says Schneider who has sold more than 130 drug stores nationwide.

Built in 1999, the 10,908 square foot CVS is located on a large 2.3 acre parcel and has a double drive-thru.  The lease is guaranteed by Holiday CVS, LLC, a subsidiary of CVS that was created when CVS acquired the Florida Eckerd locations.

The property is located at 3555 13th St., at the signalized intersection of 13th Street (Highway 192) and Neptune Road. It is accessible from both roadways.

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Industry News, NA, Retail
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