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Marcus & Millichap Brokers Sale of Missouri CVS Property
Marcus & Millichap has arranged the sale of a net-leased CVS Pharmacy property located in O’Fallon, Missouri, for $2.975 million.
“Regardless of broad changes at the corporate level for retail pharmacy companies, we are still seeing strong investor demand for the real estate they occupy across the United States,” said Mitch Grant, associate director investments.
Grant and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago Downtown office, in association with David Saverin, Marcus & Millichap’s Missouri broker of record, had the exclusive listing to market the property on behalf of the New York family seller. Luke Grant of Skyline CRE procured the local Missouri 1031 exchange buyer.
The 13,225-square-foot, drive-through CVS Pharmacy sits on 1.72 acres at 1580 Bryan Road. Built in 2015, the property is about 35 miles northwest of downtown St. Louis with access to interstates 64 and 70. More than 15 years remain on the corporately guaranteed triple-net ground lease.
