Broker: There is Still Strong Demand for Net Lease Properties in Florida
A private investor bought the 10,378 square foot CVS for $4.5 million.
Marcus & Millichap’s Fort Lauderdale, Fl. office has just traded its fourth net lease property in the month with another seven under contract, according to investment specialist Joseph Prio.
“While the market is softening from rising interest rates, we are still seeing strong demand for net-lease properties here in Florida, especially from out-of-state investors,” he reports.
That fourth deal was the sale of a CVS Pharmacy by FFT Livingstone. A private investor bought the 10,378-square-foot property in Sarasota for $4.5 million.
The pharmacy is located at 8546 S Tamiami Trail and in a major retail corridor one mile from Sarasota Square Mall anchored by Costco Wholesale, JCPenney, and AMC Theater. Built in 1999 and situated on a 1.61-acre lot, the subject property is nearby many national retailers including Lowe’s, Target, Publix, Kohl’s, and Starbucks.
Prio, Alan Lipsky and Barry M. Wolfe had the exclusive listing to market the property on behalf of the seller.