AUSTIN, TX, March 27, 2023– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of CVS, a 14,785-square foot Net-Leased property located at 2113 Wells Branch Parkway, Austin, Texas, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $9,559,087.
Derrick Dougherty, Nick Geaneotes, and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, secured and represented the buyer, a Massachusetts-based Net Leased investor. “Net-Leased pharmacies have been a niche of our team since its inception, and we continue to have success in transacting in this asset class. The Dougherty Team has sold 12 Net-Leased pharmacies in 6 different states across the United States,” said Nick Geaneotes.
“CVS continues to be one of the most successful and the largest health care provider and pharmacy chain in the United States. This location opened in 2020 and has shown great success in the Austin dense in-fill area with over 290,000 residents within 5 miles,” said Nick Geaneotes. This subject site has a large built-in customer base with over 8,900 households within a 1-mile radius.
CVS is located at a signalized intersection entrance alongside popular shopping centers, such as Walls Branch Plaza and the Wells Branch Center. “This property has tremendous real estate fundamentals with 1.75 acres on an exceptional real estate corridor with prominent surrounding tenants, such as Kohl’s and Home Depot,” said Nick Geaneotes.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting, and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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