LandMark Retail Group Continues Aggressive Expansion Throughout California -- Six More CVS/pharmacy Stores Completed

   

Woodland Hills, CA (Sept. 1, 2011) – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, has continued to grow with the completion and opening of six new CVS/pharmacy stores in California. 

This continues LRG success after opening six stores earlier in 2011, five stores in 2010 and seven stores in 2009.

LRG continues its development throughout California with new three stores slated to open throughout the State through the end of 2011 and 12 store opening projected in 2012.

In August, LandMark Retail Group opened two new CVS/pharmacy stores in the San Fernando Valley submarket of Los Angeles – North Hollywood and Encino. Opening on August 7, the CVS at the 98,000 ADT intersection of Camarillo Street and Lankershim Boulevard in North Hollywood, CA, was a conversion of a former grocery store building which had another retail use on site.

 The following week, CVS/pharmacy converted a former 26,000 square foot bookstore and opened on August 14 in Encino on Ventura Boulevard and Hayvenhurst Avenue.

 In addition to these two stores, LRG opened a store in July at the corner of 32nd and Clement in San Francisco (bottom right photo). This store fills a strategic location to service customers in the family oriented Seacliff community and Richmond District of San Francisco.

LRG is currently developing three new CVS/pharmacy stores with openings scheduled throughout the end of 2011.

“Through our work with CVS, LRG has made considerable inroads as a developer throughout California by controlling, entitling, and building numerous projects on highly sought after real estate in typically challenging trade areas and neighborhoods,” stated Jeremy Just (top right photo), Principal and Chief Executive Officer of LandMark Retail Group.

 “By building close relationships with Cities, our tenants and their future customers, and offering creative solutions for all involved LandMark will continue successfully executing our clients’ growth objectives.”

 For more details, visit: www.landmarkretailgroup.com.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

LandMark Retail Group Developed, Purchased and Sells CVS/pharmacy with Record Setting Sale Price in Victorville, CA

 Victorville, CA (Sept. 1, 2011) – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, developed, purchased and recently sold a free standing CVS/pharmacy in El Evado Plaza shopping center (top left photo), located at 14426 Palmdale Road in Victorville, CA to 14426 Palmdale Road, LLC for $7.95 million. 

This sale marks the highest price paid for a single tenant drug store in the Inland Empire since 2007 at $616 per square foot and a closing cap rate of 6.5 percent.

LRG was represented by Nicolas Coo and Dennis Vaccaro of Faris Lee Investments.  The buyer was represented by Hamid Soroudi and Kimberly Roberts Stepp (middle left photo) of Charles Dunn Company.

The CVS prototype 12,900 square foot freestanding drug store with a drive-thru was first controlled by LRG in January 2006.

 

As the corner anchor to a larger 10 acre proposed shopping center, LRG assisted the master developer in assembling a team and entitling, permitting, and constructing the shopping center.

LRG completed the CVS which opened October 31, 2010, and in late February 2011, acquired the free standing drug store in a sale and leaseback transaction directly with CVS CareMark Corporation. 

The drug store is conveniently located fronting Palmdale Road (Highway 18), a main arterial within the trade area connecting the I-15 Freeway to the east and Highway 395 to the west, and is one of the busiest retail corridors in the Victorville and High Desert market area. 

“The acquisition of CVS at El Evado Plaza demonstrated confidence from both CVS and LandMark Retail Group in the immediate need for additional daily needs shopping opportunities as well as the future growth prospects in the High Desert region of the Inland Empire” said Jeremy Just (lower right photo) Principal, Chief Executive Officer, LandMark Retail Group, LLC.

 "The need has been proven by the strong opening of this CVS store which sales strength is expected to continue irrespective of the overall economic downturn. Palmdale & El Evado is a great investment."

For more details, visit: www.landmarkretailgroup.com.

 Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851

david@ebelingcomm.com