News: Front Section
Posted: January 8, 2016
Richard, Drinkwater & Manne of Marcus & Millichap handle $10 million sale of a CVS store
CVS drugstore - Kennebunk, MEKennebunk, ME Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 13,225 s/f CVS drugstore. The $10.05 million sale price equates to $760 per s/f.
“The property is a stable, double-net-leased asset with 19 years remaining on the initial lease term and six five-year options to renew,” said Seth Richard of Marcus & Millichap’s Manhattan office. “Five percent increases that begin in the first option period and continue every five years thereafter create an excellent opportunity for long-term income growth.”
Seth Richard, Marcus & Millichap
Laurie Ann Drinkwater, Marcus & Millichap
Shlomo Manne, Marcus & Millichap
Richard, and Laurie Ann (L.A.) Drinkwater, CCIM, vice president investments in the firm’s Boston office, represented the seller, a private investment group. Shlomo Manne of Marcus & Millichap’s Manhattan office, procured the buyer, a private investor in a 1031 exchange. Adrian Harris of Harris Real Estate, Appraisal & Auction Services is Marcus & Millichap’s broker of record in the state of Maine.
Built in 2008 on 2.3 acres, the property is located at 48 Portland Rd., across Rte. 1 from an 85,000 s/f Hannaford supermarket-anchored shopping center.
With over 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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