CVS - Palmer, MAPalmer, MA Bob Horvath, vice president of investments, of Marcus & Millichap Real Estate Investment Services, has brokered the transaction of CVS. The sale closed at a price of $4,842,875. Horvath represented the seller, Merchant Palmer, LLC and procured the buyer, Arctrust Equities, LLC.
Bob Horvath,Marcus & Millichap
CVS signed the original 20-year double net (NN) lease on June 1, 2000, which includes (4) five year options and 3% rental escalations at the beginning of each option period. The property is situated at the corner of Thorndike St. and Main St. with high visibility and direct street frontage. Points of ingress and egress are located along Main St. and Thorndike St. In addition, this CVS location offers customers the convenience of a drive-thru pharmacy. This is a well-established site for CVS as they have operated at this location for nearly 15 years. National retail tenants in the area include Bank of America, Rite Aid, Subway and Cumberland Farms. CVS is located in the Depot Village community of town. Depot Village is the town’s main commercial and business center served by US Rte. 20, which spends a majority of time paralleling the Mass. Tpke. and directly serves many towns and local business areas which the Turnpike bypasses.
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.