ORLANDO-Another CVS Pharmacy has traded hands in a triple net lease deal. The sale came through a private California investor looking to cash out of Florida. The asset traded for $5.25 million.
Mark Thompson, an investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in California. Gabriel Britti, an investment specialist in Marcus & Millichap’s Miami office, secured the buyer, a private investor.
“We had eight offers—and several were full price,” Richard Matricaria, regional manager of M&M’s Orlando office, tells GlobeSt.com. “The deal closed within 40 days. The seller had the leverage to negotiate the deal he wanted.”
Matricaria says M&M has witnessed a steady deal flow of retail trades in the past six months, closing one or two deals every month during that period. The office is on track to double its transactions over 2010. Lenders and private investors are among the sellers. But this deal turned his head.
“The activity on this deal was amazing,” Matricaria says. “There was so much action on this, it was like 2006 all over again. It was a bidding war, which we are seeing a lot for class A type product.”
Beyond the strong credit tenant in a class A building, part of the attraction was the location. The CVS Pharmacy is a 13,013-square-foot single-tenant net leased property at 7300 Curry Ford Rd. More than 37,000 cars drive by every day, M&M reports. The signalized intersection, along with the shopping center behind it, offers four points of egress/ingress and ample visibility from the street. The CVS is surrounded by single-family home communities, with more than 225,000 people within five miles.