The Real Deal Miami

CVS Pharmacy in West Miami hits the market

Marcus & Millichap has the exclusive listing, with a $14.21 million asking price

February 28, 2016 04:15PM

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CVS Pharrmacy store at 2393 Southwest 67 Avenue in West Miami

CVS Pharmacy store at 2393 Southwest 67 Avenue in West Miami

Marcus & Millichap obtained the exclusive right to market a 13,103-square-foot CVS Pharmacy location in West Miami.

The store is listed for sale with an asking price of $14.21 million, or $1,084 per square foot.

Drew A. Kristol, a vice president, investments, in the Miami office of Marcus & Millichap, said in a press release the listing represents an unusual opportunity to acquire a CVS Pharmacy store “situated on a busy four-way signalized corner, with a rare 25-year term remaining on the base lease.” The lease is guaranteed by parent company CVS Health Corp.

Kristol and another Miami-based vice president, investments, of Marcus & Millchap, Kirk D. Olson, are representing the seller, a private investor in Coral Gables.

The 13,103-square-foot CVS was built in 2014 and includes a 24-hour drive-through lane. It located at 2393 Southwest 67 Avenue on the corner of Coral Way and Southwest 67 Avenue.

The property is surrounded by a residential neighborhood and, according to Marcus & Millichap, has a population of nearly 500,000 people within a five-mile radius.