News: Retail
Posted: June 25, 2015
Horvath and Tremblay of Marcus & Millichap sell CVS for $4.406 million
Bob Horvath, vice president of investments, and Todd Tremblay, vice president of investments of Marcus & Millichap Real Estate Investment Services, have brokered the transaction of CVS.
CVS is situated at the corner of White Mountain Rd. and Eastman Rd. The property has two points of ingress and egress located along White Mountain Rd. and Eastman Rd. as well as a drive-thru pharmacy. This is a well-established site for CVS, they have operated at this location for nearly 20 years. CVS signed the original 20-year triple net (NNN) lease on September 2, 1997, which was amended on March 15, 2015 for an additional 15 years. The new lease was extended to January 31, 2030 and has (1) ten-year option including scheduled escalations.
The sale closed at a price of $4.406,441. Horvath and Tremblay represented both the buyer; CVS North Conway, LLC, and the seller; Centercorp - North Conway, LLC.
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