Friday, November 9, 2012

$10.75 Million in Drugstore Property Sales Arranged by Marcus & Millichap



CVS Pharmacy, Lebanon, PA
PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two separate net-leased drugstores located in Pennsylvania and Maryland.

 In Lebanon, Pa., a 13,225-square foot CVS/pharmacy commanded a sales price of $5,946,000 and a cap rate of 6.45 percent. A 15,120-square foot Walgreens in Baltimore traded for $4,811,000 at a cap rate of 7.71 percent. 


Matthew Gorman
Michael Shover and Matt Gorman, both senior associates in Marcus & Millichap’s Philadelphia office, represented the seller of the CVS/pharmacy, a developer. Marcus & Millichap also represented the Walgreens’ seller, a private investor.

           “Because of our marketing efforts, we created significant demand from a number of qualified investors for the CVS property,” says Shover. “Ultimately, a 1031 exchange buyer was selected.”

Michael Shover
The investor, a limited liability company, was secured and represented by Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office. 

The CVS/pharmacy is located at 2200 West Cumberland St. in Lebanon, Pa. The property was built in 2008 and relocated from the Lebanon Valley Mall across the street. There are 22 years remaining on the lease.

Brandon Michaels
 “The Walgreens transaction is an excellent example of our firm’s platform and national reach,” Shover continues. “The California-based 1031 exchange buyer was specifically focused on acquiring a Walgreens drugstore, and in this case, the asset was located on the other side of the country.”

The investor, a personal trust, was secured and represented by Brandon Michaels, a vice president investments in Marcus & Millichap’s Encino, Calif., office. Also providing representation was Peyton Banks, an associate vice president in the firm’s Washington, D.C. office, is Marcus & Millichap’s broker of record in the District of Columbia.

Located on 2.16 acres, the Walgreens drugstore is situated on a signalized intersection at 2310 W Patapsco Ave. in Baltimore. At the time of the sale there were just less than 10 years remaining on the initial base term of the lease. 

For a complete copy of the company’s news release, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716


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