Monday, January 25, 2016

$7.26 Million Sale of CVS Pharmacy Site in Jupiter, FL Handled by Marcus & Millichap

Lori Schneider
JUPITER, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of CVS, a 12,290-square foot net-leased property located in Jupiter, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,264,000 equating to $591 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 Boca Raton, Fla.  The buyer was a private investor from Chile.

“The ease of capital migration and the low-risk nature of drugstore leases continue to foster investor interest,” says Schneider. “This is an outstanding drugstore location with high household income and 28 percent growth projected through 2019. We received offers from local, national and international investors and closed at $591 per square foot.”

Built in 2003, the 12,290-square foot CVS is located on a 1.91 acre parcel in a high-growth location in the massive mixed-use development of Abacoa, a suburb of West Palm Beach.  CVS has recently committed to a renovation of the entire interior and partial exterior renovation of this location.

CVS is located at 4100 Military Trail, on the main roadway directly at the entrance to the Abacoa Jupiter development.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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