The Real Deal Miami

CVS-leased building in West Miami sells for $12.5M

CVS has 25 years left on lease

July 28, 2016 04:30PM
By Katherine Kallergis

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CVS at 2393 Southwest 67th Avenue in West Miami

CVS at 2393 Southwest 67th Avenue in West Miami

A CVS in West Miami has sold for nearly $953 a foot, or $12.5 million.

The building, at 2393 Southwest 67th Avenue, hit the market in February with Marcus & Millichap for $14.21 million, or $1,084 per square foot. CCD PR NO 9, a company tied to Coral Gables-based Caval Real Estate Management Corp., sold the property to Westbury, New York-based Northern Motor Inn Inc. No financing was recorded.

Marcus & Millichap’s vice presidents of investments Drew Kristol and Kirk D. Olson represented the seller. The 13,103-square-foot CVS was built in 2014 and includes a 24-hour drive-through lane. It sits on a 1.35-acre lot. Property records show the 1.35-acre lot last sold in 2013 for $2 million.

About 25 years remain on the base lease with CVS Health Corp., according to a press release from February.

West Miami is south of the airport and just northwest of Coral Gables. Mattoni Group is in the midst of building three multifamily projects in West Miami, the first of which was completed last year. The city is also home to Senator Marco Rubio.