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SRS Brokers Watertown Retail Property Triple-Net Leased to CVS for $16M
SRS Real Estate Partners has completed the $16-million sale of a freestanding retail property fully occupied by CVS in Watertown, MA. The property has more than 19 years remaining on its triple-net lease.
Kevin Held of SRS represented the seller, a West Coast-based family trust. The buyer, a MA-based private investor who was in a 1031 exchange, was represented by Josh Kanter of Marcus & Millichap.
“SRS generated multiple competitive offers on this asset on behalf of our seller client. Ultimately, the property sold at the fourth highest price for a CVS-occupied property on a national basis this year,” said Held. “This transaction illustrates that well-located, credit tenant properties in major markets continue to trade at a premium. They are in high demand and in short supply.”
The 14,400-square-foot building at 655 Mount Auburn Street was built in 2016. It is two miles from Harvard University and seven miles from downtown Boston.
- ◦Sale/Acquisition
