Tuesday, June 2, 2015

Marcus & Millichap Brokers $5.85 Million Sale of CVS Pharmacy in Fort Myers, FL


Barry M. Wolfe
FORT MYERS, FL,  June 2, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of CVS / Pharmacy, a 12,738-square foot, net-leased property located in Fort Myers, Fla.

 The asset sold for $5,859,200.

Barry M. Wolfe, a vice president investments, and Alan Lipsky, an associate, in Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust from North Carolina.  

The buyer was a limited liability company from Wisconsin.  This is the ninth drug store property the agents have sold in the first half of 2015.

“As drugstores rebalance their portfolios after years of aggressive expansion, the number of available drug stores for sale becomes limited while demand remains high,” says Wolfe.  “This particular CVS received a lot of investor interest because of its location in a heavily populated, busy retail corridor.”

The 12,738-square foot CVS/Pharmacy has a long-term NNN lease with five years remaining and four, five-year renewal options. Located at 13400 South Cleveland Avenue, CVS is conveniently located off Tamiami Trail, one of the main roadways that runs through southwest Florida. 

The property is surrounded by many busy shopping centers as well as national retailers including: Target, DSW, Starbuck’s, Bed, Bath & Beyond and Costco.

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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