Waldman Associates completes multiple retail
sales for $8.125 million

Norton, CT Dan Waldman of Waldman Associates completed the sale of two CVS locations and facilitated a buy back of one of the locations.

Waldman represented the tenant with a ground lease with CVS at 35 Main St., Norton. Waldman arranged for CVS to extend their lease through January 2041. The ground lease was sold to the leaseholder for $2.35 million at a 4.7% cap. This purchase provided the leaseholder with total control of the ground and building. The new owner was represented by Laurie Drinkwater and Seth Richards of Marcus & Millichap. 

Completed with a 1031 exchange, Waldman arranged for an undisclosed client to purchase the CVS which included the ground lease and the building. After negotiations, both sides agreed to a price of $4.425 million or a 5.4% cap, which included the building and the ground lease. 

Waldman also sold a building which was formerly occupied by CVS at 1930 Main St. in Brockton. Waldman leased the space to the Empowerment Christian Church about three years ago, and as part of the lease negotiations Waldman insisted on an option to buy the building. The CVS at 1930 Main St. was sold for $1.35 million. Waldman said, “I was glad to sell the building to someone with a great vision for the church and community overall. I feel this wonderful congregation and tremendous leadership will be an asset to the Brockton community.”

Additionally Waldman leased 1,300 s/f at 1A Market Place in Walpole. to Molly Coddles, a pet grooming company. Waldman reported that of the 80,000 s/f at 1A Market Place only a corner location is vacant.