PORT ORANGE, FL, Nov. 29, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy, a 10,885-square foot single-tenant net-leased property located in Port Orange, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,780,000.Leon Brockmeier (top right photo) and Patrick O'Halloran retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices had the exclusive listing to market the property on behalf of the seller, a Missouri-based private investor. The listing agents also secured the buyer of the property, a limited liability company from New York.
CVS/Pharmacy was built in 2004 and is located at 3771 Clyde Morris Boulevard. This freestanding drug store with a drive-through is located on just over three acres of land in Port Orange, Volusia County.
“This CVS/Pharmacy was a unique property due to the fact that it was a former zero cash flow that the seller originally purchased from the developer” said Brockmeier.
“It has 18 years remaining on the triple-net lease, and 15 years remaining of the tenant paying rent. Even with these obstacles on the lease, this asset sold in less than a week of being on the market due to the investment grade tenant, attractive cap rate and high store sales,” continues Brockmeier.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, FL
(813) 387-4700
1 comment:
attractive cap rate should be followed every where, i do agree with what you have done.
Cash Flow form
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