Kennebunk, ME Marcus & Millichap 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.”
Richard, and Laurie Ann 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.