Miami CVS Sells For $4.9 Million

Marcus & Millichap announced the sale of CVS pharmacy, a net-leased property located in Miami, according to Ryan Nee, Regional Manager of the firm’s Miami office. The asset sold for $4,900,000. Scott C. Sandelin, Senior Vice President of Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  

“NNN Assets that are backed by tenants who have survived and flourished in this time of uncertainty continue to be in high demand on a local and national basis. What made this one stand out amongst many others was the renewed commitment from the tenant, landlord friendly lease structure, and the overall residual value of the asset,” said Sandelin

CVS pharmacy is located at 14705 SW 42nd St in Miami.  The property contains 10,908 sq. ft. of net leasable area and is situated on 1.58 acres. This net- leased CVS recently extended their lease through July 2031, showing a strong commitment to the site. There are 11 years of lease term remaining with seven percent rental increases every five years in options.  

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