News: Retail
Posted: September 29, 2023
Marcus & Millichap brokers sale of 10,125 s/f CVS pharmacy for $4.62 million
Norton, MA Marcus & Millichap brokered the sale of CVS Pharmacy a 10,125 s/f net-leased property. The asset sold for $4.62 million.
“CVS has operated for over 20 years at this strategic location within the small college town,” said Laurie Ann “L.A.” Drinkwater, senior vice president investments. “Their success at this location is evidenced by the recent early extension of their long-term lease. We expect the property to continue performing well for the new owners.”
Drinkwater and Seth Richard, investment specialists in Marcus & Millichap’s Boston and Manhattan office, had the exclusive listing to market the property on behalf of the seller, an LLC. Tom Shihadeh, Marcus & Millichap’s broker of record in MA, assisted in closing this transaction.
Constructed in 2000 on 1.54 acres, the CVS Pharmacy is located at 35 W. Main St. within the downtown district adjacent to an ACE Hardware and opposite a Walgreens Pharmacy. There are three means of ingress and egress for the property making this location easily accessible. Notable economic drivers in the immediate vicinity include Wheaton College one quarter of a mile away as well as access to I-495 and I-95 leading to Cape Cod, Providence, RI and Boston, MA.
Tags:
Retail
MORE FROM Retail
Retail
The Landing at Hyannis expands with additional retailers
Hyannis, MA The Landing at Hyannis continues its transformation with three new businesses joining its roster of retail and dining options. These brands, making their debut on Cape Cod, include fashion retailer Nordstrom Rack, physician-owned medical spa SkinMD, and eyewear retailer Warby Parker.
Quick Hits
Columns and Thought Leadership
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.