Marcus & Millichap Real Estate Investment Services has brokered the transaction of 10,125 s/f CVS Pharmacy located at 189 Summer St. The sale price of $2.772 million has a cap rate of 9.1%. The CVS had eight years remaining on the base term with two 10-year options.
Robert Horvath and Todd Tremblay, both in the firm's Boston office, represented the seller, Kingston Summer Limited Partnership. The buyer, Frank Sullivan, was also procured by Horvath and Tremblay.
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. 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.