Press Releases
Marcus & Millichap Facilitates Sale of Net-Leased CVS Property in Westerville, Ohio
March 18, 2025
WESTERVILLE, Ohio, March 18, 2025 – 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 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. The swift 33-day contract-to-close timeline further reflects the competitive nature of this market.”
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.
The property is at a signalized intersection along Westerville’s retail corridor, with visibility to more than 59,000 vehicles daily. Nearby retailers include Kroger, McDonald’s, FedEx and others. It is also 0.3 miles from Mount Carmel St. Ann’s 24/7 Emergency Center, part of Trinity Health, one of the largest health care systems in the U.S. The store operates 24/7, offers a drive-thru pharmacy and is among the 11% of CVS locations that feature a same-day MinuteClinic.
“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. The swift 33-day contract-to-close timeline further reflects the competitive nature of this market.”
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.
The property is at a signalized intersection along Westerville’s retail corridor, with visibility to more than 59,000 vehicles daily. Nearby retailers include Kroger, McDonald’s, FedEx and others. It is also 0.3 miles from Mount Carmel St. Ann’s 24/7 Emergency Center, part of Trinity Health, one of the largest health care systems in the U.S. The store operates 24/7, offers a drive-thru pharmacy and is among the 11% of CVS locations that feature a same-day MinuteClinic.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
