BRADENTON, FLA., January 18, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of CVS Pharmacy, a 11,200-square foot net-leased property located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,745,000.
James Medefind, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Chris Adams, associate in the firm’s Dallas office.
Built in 2003, this freestanding, 11,200-square foot CVS Pharmacy is located at 520 First Street West in Bradenton, Florida and sits on 1.21 acres. Located on the main thoroughfare of U.S. Highway 301 leading to Manatee Memorial Hospital, the property benefits from a traffic count of over 59,000 vehicles per day. This net-leased property is guaranteed by CVS Corporation and has over eight years remaining on the lease term providing an ideal long-term investment for the buyer. Due to its location across from Manatee Memorial Hospital and downtown Bradenton, this property received a lot of positive feedback and interest from the marketplace.
“In total, we were successful in generating more than five offers after just seven days of marketing,” says Medefind. “Our national platform and marketing strategy enabled us to generate offers from all over the country, and the asset’s proximity to the Tampa market and high quality location within the Bradenton market made a very attractive investment, despite the shorter lease term.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com