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| Lori Schneider |
JUPITER, 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, a 12,290-square foot net-leased property located in Jupiter, Fla,
according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.
The asset sold for $7,264,000 equating to $591 per square foot.
Lori Schneider,
a senior vice president investments in Marcus & Millichap’s Fort Lauderdale
office, had the exclusive listing to market the property on behalf of the
seller, a limited liability company from Boca Raton, Fla. The buyer was a private investor from Chile.
“The ease of capital
migration and the low-risk nature of drugstore leases continue to foster
investor interest,” says Schneider. “This is an outstanding drugstore location
with high household income and 28 percent growth projected through 2019. We
received offers from local, national and international investors and closed at
$591 per square foot.”
Built in 2003, the
12,290-square foot CVS is located on a 1.91 acre parcel in a high-growth
location in the massive mixed-use development of Abacoa, a suburb of West Palm
Beach. CVS has recently committed to a
renovation of the entire interior and partial exterior renovation of this
location.
CVS is located at 4100
Military Trail, on the main roadway directly at the entrance to the Abacoa
Jupiter development.
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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