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Net-Leased CVS Property in Ohio Trades Hands
Marcus & Millichap has completed the sale of a net-leased CVS property in Westerville, Ohio.
“With a prime location at a high-traffic, 60,000-vehicle-per-day intersection, this CVS attracted strong investor interest,” said Mitch Grant, associate. “As drugstore closures create opportunities for backfill tenants and end-users, properties in strong trade areas with replaceable in-place rents remain a top focus for active buyers.”
Grant and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a public REIT. Michael Glass is the firm’s broker of record in Ohio.
Located at 620 S. Cleveland Ave., the 9,872-square-foot, single-tenant pharmacy is leased to CVS on a long-term absolute triple-net lease. CVS has operated at the location since its construction in 2000 and has more than three years remaining on its current lease, with nine renewal options that could extend occupancy until 2070.
