Marcus & Millichap Sells Single-Tenant Retail Portfolio Including BJ's Wholesale And CVS Pharmacy For $29.5M
Jacksonville
$29,500,000
$210/SF
Building Size
140,082 SF
Asset Type
Retail
Closing
Jul 20, 2023
AI
A three-property portfolio of single-tenant net-leased assets, including a BJ's Wholesale, Napa Auto Parts store in Florida, and a CVS pharmacy in Massachusetts, was recently sold for $29.5 million. The portfolio consists of a total of 140,082 square feet of retail space, with an average price per square foot of $211. The properties are located in Jacksonville, Florida, and Barnstable, Massachusetts.
Summary of transaction details
- Property Type: Retail
- Sale Price: $29,500,000
- Square Footage: 140,082
- Price per Square Foot: $211
- Market: Jacksonville; Barnstable, Massachusetts
Steven Siegel of Marcus & Millichap's Institutional Property Advisors division represented the seller and facilitated the transaction. The sale attracted strong investment interest, reflecting the low-vacancy nature of the single-tenant retail sector. The institutional buyer was procured by Steven Siegel, highlighting his expertise in the market and ability to facilitate successful transactions in the retail sector.
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93