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CVS Pharmacy Plaza Trades at 8% Cap

LANGHORNE, PA-'Supply-demand dictates that now is the perfect time to put quality assets on the market,' says Marcus & Millichap's Christopher Munley.

By Alyson Grala | Updated on May 10, 2010

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.

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