Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of CVS, a 10,125-square-foot NNN lease property with a new 18 year lease, located in Blue Bell, Pa. The asset sold for $6,802,222 at a 5.40 percent cap rate.

Mark Taylor, senior managing director investments, Donovan Mackey, senior associate, Shannon Bona, associate, and Brian Sy, associate, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private developer. The private-developer seller built the store in 1999 and had owned it ever since.

“This transaction shows the strength of the tenant and the location,” said Taylor. “The buyer was in a 1031 exchange who paid full price for the asset, because they understood the value of the property and this location.”

CVS is located on the corner at 1799 DeKalb Pike in Blue Bell, Pa. This is a drive-through location that features 47 parking spaces and situated on a major retail corridor running between East Norriton to Montgomeryville.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing 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 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap 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.