Marcus & Millichap brokered the sale of a 13,190-square-foot, net-leased CVS property located in Brownsville, Texas, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $7,332,246.
Austin Weisenbeck and Sean R. Sharko, senior vice presidents and Matt Emerick, associate, and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tim Speck assisted in closing this transaction as the broker of record in Texas. The CVS is located at 4531 S. Padre Island Hwy in Brownsville and is shadow-anchored by The Home Depot. CVS has a 25-year absolute-net lease with over 14 years remaining. The property had a fully accepted offer within a week of marketing at 98 percent of the list price.