Bob Horvath and Todd Tremblay of Marcus & Millichap Real Estate Investment Services have brokered the transaction of a 7,316 s/f CVS. The property, located at 415 - 421 Main St., had three years remaining on the base term with one five-year option to renew with a 12% rental increase. The sales price of $2.03 million represents $277 per s/f and a cap rate of 10.09%.
Tremblay and Horvath represented the seller, Weston Atlantic Associates, LP.
Tremblay said, "We had numerous offers during the marketing process, the winning group was an exchange buyer located in Hawaii"
Marcus & Millichap continues to leverage its national platform and import capital from across the country having closed 92 drug stores in the Northeast and over 600 nationally within the last 5 years.
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.