Marcus & Millichap brokered the sale of a net-leased CVS property in Westerville, Ohio.
Mitch 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.
