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| 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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