Philadelphia, PA, January 6th, 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 15,780-square-foot Net-Leased property located at 6150 North 5th Street, Philadelphia, PA 19120, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $3,150,000.
Derrick Dougherty, Scott Woodard, and Jacob Haslach, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local private investor. “Initially our team helped the seller recut a new lease with CVS, which later led to the sale and execution of this investment. We received multiple offers and ultimately decided to select an all-cash buyer based out of Maryland,” said Scott Woodard.
This Net-Leased property is completely Triple Net with a corporate guarantee and over 9 years remaining at the time of sale. “Both the seller and buyer should be commended for their consistent professionalism throughout the sale process. This deal shows that despite current market conditions, properties with quality tenants are continuing to trade at aggressive cap rates,” said Scott Woodard.
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.
