Griffin, Millerd, Smith and Penman of NGKF broker $14 million sale

CVS - Belmont, MA

Belmont, MA Newmark Grubb Knight Frank’s (NGKF) U.S. head of capital markets Robert Griffin, executive managing director Geoffrey Millerd, managing director Justin Smith and associate director Paul Penman, formerly of Cushman & Wakefield, completed the sale of CVS | Belmont to Copley Investments for $14 million. The team oversaw the transaction of the CVS-anchored asset on behalf of K&R Realty Trust.

The institutional quality offering includes a 14,195 s/f CVS/pharmacy and 5,300 s/f of inline space leased to Mount Auburn Hospital. The transaction also included an adjacent two-family residential building.

Robert Griffin, NGKF

Geoffrey Milerd, NGKF

Justin Smith, NGKF

Paul Penman, NGKF Capital Markets

“CVS | Belmont’s excellent frontage along Trapelo Road and the extensive parking field of the site are key competitive advantages,” said Smith. “As Trapelo Road undergoes its current transformation into a walkable, pedestrian-friendly thoroughfare, the property that was once home to the Kendall family’s Volkswagen dealership is still one of the most desirable pieces of real estate along the corridor.”

Trapelo Rd., running through both Belmont and neighboring Waltham, features traffic counts of approximately 15,200 vehicles per day. The property benefits from one, three and five-mile population counts of 27,800, 208,500 and 633,700 people, respectively.

“Home to the sole pharmacy in the immediate area, CVS | Belmont boasts limited competition in a high barrier to entry market,” said Millerd. “Combined with the asset’s exceptional location, this secures the offering’s premier status as a strong community staple for years to come.”