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Marcus & Millichap Arranges The Sale Of A CVS Ground Lease Near The Waterfront In Pittsburgh, Pennsylvania

September 07, 2021

Pittsburgh, Pennsylvania, September 7, 2021 – 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 net-leased property located in Pittsburgh, Pennsylvania, according to Josh Caruana, regional manager of the firm’s Indianapolis office. R&J 4664 Browns Hill Rd. LLC, a limited liability company based out of New York, paid $3,888,000 for the subject property.

Built in 2016 and situated on an over-sized 2.05-acre lot, this CVS has over 20 years of term remaining and is located along Browns Hill Road, which leads directly to Interstate 376 to the north; allowing to be in downtown Pittsburg in less than 15 minutes. It turns into West Street to the south after crossing the Homestead Grays Bridge. The property is surrounded by various local, regional, and national retailers, as well as located in a dense residential area with numerous single-family residential homes and apartment complexes. “We received multiple offers on the opportunity in a short period of time, we ended up choosing a buyer who was in a 1031 exchange that offered list price and liked the property’s location, lease length, triple-net structure and strong demographics” added David.

Jordan Klink and David Klink of The Klink Group in Marcus & Millichap’s Indianapolis office were retained as exclusive advisors to market the property on behalf of the seller, ATCP Holdings, LLC, a limited liability company based out of California. The buyer was represented by Glenn Kunofsky, Anthony D'Ambrosia, and Josh Kanter; agents in Marcus & Millichap’s Manhattan office. Sean Beuche, Broker of Record of Pennsylvania License #RM424190, assisted in closing this transaction.  

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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