ASTON, PA-The 13,813-sf new, Eckerd Drug store at the intersection of Concord and Pennell roads here trades for just under $5.4 million or about $390.41 per sf. The transaction represents a 7.77% capitalization rate.
Mark Taylor and Dean Zang of the Taylor-Zang Group of the Philadelphia office of Marcus & Millichap represented the seller, Aston Philly Limited Partnership, and procured the buyer. Using the group's extensive email campaign to buyers involved in IRC 1031 tax deferred exchanges and Encino, CA-based Marcus & Millichap's nationwide network, "we were able to efficiently procure a buyer in less than two weeks," says Jeff Algatt, regional manager of Marcus & Millichap's local office.
California-based Starker Services Inc., which specializes in 1031 exchanges, utilized that tax deferred program to complete an IRC 1031 exchange in acquiring this property for its client, a New England-based entity. Eckerd Corp. had executed a 20-year, triple-net lease at the location before CVS Corp. and Jean Coutu Group of Canada acquired the company last summer.
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