Net-Leased CVS/Pharmacy in Lynn, MA Sells for $10.5 Million in Deal Arranged by Marcus & Millichap

CVS/Pharmacy, 47 Boston Street, Lynn, MA

 LYNN, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 12,900-square-foot double-net-leased CVS/pharmacy in Lynn, Mass. The $10,539,783 sales price equates to $817 per square foot.

Laurie Ann Drinkwater

            Robert Horvath and Todd Tremblay, Marcus & Millichap vice presidents investments located in Boston, represented the seller. Laurie Ann (L.A.) Drinkwater, CCIM, vice president investments, also in Boston, and Seth J. Richard in Manhattan, procured the buyer.

            “CVS relocated to this site from an existing retail center located across the street,” says Horvath. “It’s a well-established location with strong demographics.”

            “The 25-year lease, signed in January 2014, has five five-year options and is guaranteed by CVS Caremark Corp.,” adds Drinkwater.

Built in 2014 and located at 47 Boston St. on the corner of North Bend Street and Boston Street, the property is close to downtown Lynn and 10 miles north of Boston.

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

Gina Relva

Public Relations Manager

(925) 953-1716