Net-Lease Blue Bell CVS Trades Hands at Almost $7M
“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,” says Marcus & Millichap's Mark Taylor.
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.