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Marcus & Millichap sells CVS, Sheetz locations in Dauphin County

by thiryj

Marcus & Millichap sells CVS, Sheetz locations in Dauphin County

By Jason Scott

California-based Marcus & Millichap Real Estate Investment Services, the nation’s largest commercial real estate brokerage firm, has sold a new CVS pharmacy store and the ground lease on a Sheetz convenience store in Dauphin County for a combined $7.65 million.

The deals were announced separately, and both were sold to private investors, the firm said.

The sale of the Sheetz land lease was for $1.95 million. The nearly 5,000-square-foot store is on Allentown Boulevard in Lower Paxton Township.

“It’s a seller’s market for those that own assets with long-term leases and quality tenants that suggest predictable cash flow for years to come,” said Michael Shover, an investment specialist in Marcus & Millichap’s Philadelphia office.

The Sheetz was built in 2007 with a 15-year ground lease to the tenant. The firm sold it for a private investor that bought it three years ago, Shover said.

“The market on these properties has increased significantly since he bought it, and so there was an opportunity to sell it for a good profit,” he said.

While many Sheetz stores are corporate-owned, several remain in the hands of third-party developers or landlords, Shover said.

The firm also sold a recently developed CVS for $5.7 million. The 13,225-square-foot drugstore is on North Progress Avenue in Susquehanna Township.

Courtesy of the Central Penn Business Journal. Read the full article here:

Marcus & Millichap sells CVS, Sheetz locations in Dauphin County | Central Penn Business Journal.

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