CVS, 1799 DeKalb Pike, Blue Bell, PA
BLUE BELL, PA—Marcus & Millichap arranged the sale of a CVS store, a 10,125-square-foot triple-net lease property with a new 18-year lease, at 1799 DeKalb Pike in Blue Bell, PA. The asset sold for $6.8 million at a 5.4% cap rate.
Mark Taylor, senior managing director-investments, Donovan Mackey, senior associate, Shannon Bona, associate, and Brian Sy, associate, in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private developer that built the store in 1999 and had owned it ever since.
“This transaction shows the strength of the tenant and the location,” says Taylor. “The buyer was in a 1031 exchange and paid full price for the asset, because they understood the value of the property and this location.”
The CVS is a drive-through location with 47 parking spaces, situated on a major retail corridor running between East Norriton to Montgomeryville.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
