Bob Horvath and Todd Tremblay of Marcus & Millichap Real Estate Investment Services have brokered the transaction of two Verizon Wireless properties and a CVS property. The Verizon Wireless stores are located in Westfield and Worcester. The CVS is located in Port Richey, Fla.
The sale of both Verizon properties closed at a price of $3.845 million and a CAP rate of 7.56%. Cellular Sales of Knoxville, one of the largest Verizon Wireless Franchisees in the U.S., recently signed brand new 10 year leases, with 2 five-year options for each location. Both locations will be will be renovated by Verizon Wireless within the next few months and will be developed exactly to Verizon Wirelesses latest standards and specifications. Horvath and Tremblay exclusively represented both, the seller, Noble Development LLC and the buyer John Medeiros.
The CVS Pharmacy is 11,200 s/f and is located at the southeast corner of U.S. Highway 19 and State Rd. 52 in Port Richey, 30 miles north of downtown Tampa. The sale closed at a price of $4.18 million with a CAP rate of 8.02%. There were seven years remaining on the original 20 year term with 4 five-year options. Horvath and Tremblay exclusively represented the seller, Capozzoli Realty Port Richey LLC.