Monday, September 7, 2015

Marcus & Millichap Arranges Sale of CVS Pharmacy in West Miami, FL for $4.33 Million



Scott C. Sandelin
WEST MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of CVS Pharmacy, an 11,113-square foot CVS located in West Miami, Fla. The asset sold for $4,332,521.

Scott C. Sandelin, a vice president investments, Paul D. Nudelman, a senior associate, and Marcos Puente, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. 

“Many cash-flow-oriented investors are targeting subprime locations or properties in search of higher cap rates. 

"Single-tenant space is seeing the most action in Miami, particularly for properties along transit routes,” says Nudelman. 

“This absolute-net leased CVS Pharmacy has operated from its corner location on busy SW 8th Street for more than 25 years.”

Located at 6320 SW 8th Street, the 11,113-square foot store reports strong sales and benefits from excellent demographics with over 180,000 people within a three-mile radius.

For a complete copy of the company’s news release, please contact:
                          
 Kirk A. Felici
First Vice President/District Manager
Miami, FL

(786) 522-7000

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