Press Releases
Marcus & Millichap Brokers $4.53M Sale of CVS Pharmacy in Lakeland
May 23, 2024
LAKELAND, Fla., May 23, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial brokerage firm specializing in investment sales, announced today the sale of a 12,738-square-foot, net-leased CVS Pharmacy, in Lakeland, Florida. The asset sold for $4,529,914.
"This CVS, which is subject to a long term lease, has excellent intrinsic value and traded at a favorable return for our investor," says Ronnie Issenberg, senior managing director investments. "Net leased CVS Properties, especially in Florida, are a hot ticket these days as CVS maintains the best credit among the pharmacy brands," adds Gabriel Britti, senior managing director investments.
Issenberg, Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, represented the buyer in the transaction, a Florida-based private investor.
Located at 5010 Florida Ave South on a 1.57-acre parcel, the property is positioned at the signalized intersection of Lake Miriam Drive and Florida Avenue South, two primary thoroughfares experiencing a daily traffic flow exceeding 57,000 vehicles. The property has had a long operating history at the site since 2000. Nearby national retailers include Chase Bank, 7-Eleven, and HomeGoods.
"This CVS, which is subject to a long term lease, has excellent intrinsic value and traded at a favorable return for our investor," says Ronnie Issenberg, senior managing director investments. "Net leased CVS Properties, especially in Florida, are a hot ticket these days as CVS maintains the best credit among the pharmacy brands," adds Gabriel Britti, senior managing director investments.
Issenberg, Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, represented the buyer in the transaction, a Florida-based private investor.
Located at 5010 Florida Ave South on a 1.57-acre parcel, the property is positioned at the signalized intersection of Lake Miriam Drive and Florida Avenue South, two primary thoroughfares experiencing a daily traffic flow exceeding 57,000 vehicles. The property has had a long operating history at the site since 2000. Nearby national retailers include Chase Bank, 7-Eleven, and HomeGoods.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
