Victorville, CA (Sept. 1, 2011) – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, developed, purchased and recently sold a free standing CVS/pharmacy in El Evado Plaza shopping center (top left photo), located at 14426 Palmdale Road in Victorville, CA to 14426 Palmdale Road, LLC for $7.95 million.
This sale marks the highest price paid for a single tenant drug store in the Inland Empire since 2007 at $616 per square foot and a closing cap rate of 6.5 percent.
LRG was represented by Nicolas Coo and Dennis Vaccaro of Faris Lee Investments. The buyer was represented by Hamid Soroudi and Kimberly Roberts Stepp (middle left photo) of Charles Dunn Company.
The CVS prototype 12,900 square foot freestanding drug store with a drive-thru was first controlled by LRG in January 2006.
As the corner anchor to a larger 10 acre proposed shopping center, LRG assisted the master developer in assembling a team and entitling, permitting, and constructing the shopping center.
LRG completed the CVS which opened October 31, 2010, and in late February 2011, acquired the free standing drug store in a sale and leaseback transaction directly with CVS CareMark Corporation.
The drug store is conveniently located fronting Palmdale Road (Highway 18), a main arterial within the trade area connecting the I-15 Freeway to the east and Highway 395 to the west, and is one of the busiest retail corridors in the Victorville and High Desert market area.
“The acquisition of CVS at El Evado Plaza demonstrated confidence from both CVS and LandMark Retail Group in the immediate need for additional daily needs shopping opportunities as well as the future growth prospects in the High Desert region of the Inland Empire” said Jeremy Just (lower right photo) Principal, Chief Executive Officer, LandMark Retail Group, LLC.
"The need has been proven by the strong opening of this CVS store which sales strength is expected to continue irrespective of the overall economic downturn. Palmdale & El Evado is a great investment."
For more details, visit: www.landmarkretailgroup.com.
Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851
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