Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 14,781-square-foot net-leased property tenanted by CVS Pharmacy in Athens, GA. The asset sold for $9.063 million, according to John M. Leonard, regional  manager of the firm’s Atlanta office.Don McMinn, of Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The property sits at the corner of a four-way signalized intersection of Oglethorpe and Hawthorne Ave., which sees a combined daily traffic count of 26,000 vehicles per day. Its favorable location is 2.5 miles away from the University of Georgia and is surrounded by numerous medical facilities. The property has an absolute triple-net lease with CVS Pharmacy, its tenant, meaning the store is one hundred percent responsible for all expenses, including taxes and insurance.

“This CVS Pharmacy sold at its listing price, which was $600,000 more than what the seller paid for it seven years ago, in addition to $3 million that was collected in rent. This transaction is another example of the current peak demand for quality net-lease inventory in the market today,” said McMinn.