CVS Sells in Seven Days Despite Odd Lease Terms

PORT ORANGE, FL-Despite an odd lease deal, a CVS Pharmacy has traded hands for $2.78 million. The 10,884-square-foot single-tenant leased property had 18 years left on the triple net lease, but the tenant is only paying base rent for the next 15 years.

Leon Brockmeier and Patrick O’Halloran, retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a Missouri-based private investor. The listing agents also secured the buyer of the property, a limited liability company from New York.