Marcus & Millichap

CVS/Pharmacy Hits the Market at $19.5 Million

December 06, 2016

SEATTLE – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing to market for sale a new 15,971-square-foot 24-hour CVS/pharmacy in Seattle’s Queen Anne neighborhood. The price is $19.5 million.

“The flight to safety in high-street retail in hyper-core markets like Seattle continues across domestic lines,” says Preet Sabharwal of Marcus & Millichap’s Manhattan office. “Quality credit single-tenant net-lease real estate has continued its longstanding appeal to the private capital buyer and certainly continues to attract the broadest buyer pool, including international capital and pension funds.”

Sabharwal, along with Daniel Corcoran, also in Manhattan, is representing the seller. Joel Deis, regional manager of Marcus & Millichap’s Seattle office, is the firm’s broker of record in the state of Washington.

The property is located on the ground floor of a brand new 34-unit luxury apartment complex at 11 West Mercer St. in Seattle, two blocks west of the Seattle Center on the signalized, hard-corner intersection of West Mercer Street and Queen Anne Avenue. Nearly 40,000 vehicles pass through the intersection each day and 223,000 people with an average annual household income of $100,000 live within a three-mile radius. Major tenants in the vicinity include Bank of America, Safeway, Starbucks, Taco Bell, Chase Bank, Key Bank, FedEx, and UPS.