HAVERHILL, MA-A CVS Pharmacy at 150 Lafayette Sq. here has founda new owner. A private investor secured funds from People's UnitedBank for a portion of the $6.47-million purchase price. The dealcame to $541 per square foot at a cap rate of 7.7%.

CVS has 23 years left remaining on a 25-year NNN lease for thestand-alone 11,970 square feet. Part of its lease, which began May5, 2008, involves six individual five-year renewal options, as wellas rent escalations in the base averaging 2% every five years. Therental break-down comes to roughly $3.46 per square foot for thefirst five years. Sitting on a 51,082-square-foot lot, the tenantis BBB+ rated by Standard & Poor's and has been the only tenantin the space since its inception.

Marcus & Millichap's Robert Horvath and Todd Tremblaybrokered the deal. Horvath tells GlobeSt.com that thesingle-tenant, net-leased properties have been popular for privateinvestors, since the well-secured properties often boast greatcredit-ratings, and are a safe investment for capital.