Bob Horvath and Todd Tremblay of Marcus & Millichap Real Estate Investment Services have successfully brokered the transaction of two existing CVS' stores in Rockland and Hanson. The properties sold for $4.1 million, representing $202 per s/f, and a CAP rate of 9.16%.
Both stores have 8.5 years remaining on their base term with 20 years of option periods. Neighboring tenants in Rockland include Walgreens, McDonald's, Rite Aid, 7-11, and Burger King. Neighboring tenants in Hanson include Shaws, McDonald's, Rockland Trust, and Dunkin Donuts. Both stores were built in 1997, are 10,125 s/f, and have high unit sales.
Horvath & Tremblay represented the seller, Liberty Hanson LP, and also procured the buyer, Hanrock Realty Company LLC.
With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,756 transactions in 2008, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
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