LANGHORNE, PA-Marcus & Millichap Real Estate Investment Services has arranged the sale of CVS Pharmacy Plaza here. The 14,410-square-foot neighborhood shopping center is located on West Maple Avenue. The center was 100% leased at the time of sale, with CVS pharmacy occupying 54% of the GLA. The sales price of $3.055 million, or $212.01 per square foot, represents a 7.97% cap rate on current income.
Marcus & Millichap vice president of investments Mark Taylor, associate vice president of investments Dean Zang and associate Christopher Munley, all of the Philadelphia office, exclusively represented the seller, Langhorne Realty Partners, LP. Munley also procured the buyer, a private local individual investor.
After receiving numerous offers that were very competitive, the buyer offered full list price with no contingencies and a quick closing period. The property was on the market for approximately one month before the buyer’s offer was accepted. “A misperception exists among many owners who want or even need to sell that they shouldn’t because it is a bad time to put properties on the market," Munley tells GlobeSt.com. "This deal demonstrates otherwise. There is a lot of pent up demand and cash on the sidelines waiting to purchase quality real estate,” he adds.
"Many potential sellers don’t want to be perceived as being in a distressed situation so they don’t sell during periods when people think that times are bad," Munley continues. "However, supply-demand dictates that now is the perfect time to put quality assets on the market because there are so few available for sale. Due to the lack of current supply on the market, when a property of this nature becomes available, there is tremendous interest from the investment community. Buyers are looking to put their money back to work for them again, and quality real estate, such as this, has always been a sound investment."
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