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| 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.
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| 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.”
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| 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.
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| 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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