DAYTONA BEACH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy (top left photo), a 10,908-square foot net-leased property located in Daytona Beach, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $4,000,000.
Leon Brockmeier (middle right photo), a retail investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami, Florida.
Patrick Whitney (lower left photo), a retail investment specialist in the firm’s Jacksonville office, procured the purchaser, a Colorado based limited liability company who acquired the property in order to satisfy a 1031 Exchange transaction.
This CVS/Pharmacy was built in 2001 and is located at 1350 Beville Road. The property is situated in a mature submarket approximately one mile southeast of the Daytona International Speedway and the Daytona International Airport.
“Investor interest in the Florida drugstore market is robust with demand outpacing supply of both new and established stores,” says Brockmeier. “Single-tenant net-lease investors continue to demonstrate a preference for assets in very good locations, occupied by strong tenants and preferably with remaining lease terms of at least ten years.”
“We marketed the Daytona CVS/Pharmacy aggressively for several weeks prior to the parties entering into a definitive purchase agreement. Our client completed their due diligence expeditiously and this all-cash transaction closed within 3 percent of the list price,” Whitney adds.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700
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