October 21, 2021 – David McLaughlin, Steve Schiavello and Patrick Gray of Horvath & Tremblay have completed the sale of CVS Pharmacy in La Plata, Maryland. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $4,445,000.
CVS Pharmacy is located at 6260 Crain Highway in La Plata, Maryland. The stand-alone building was constructed in 2003 and remodeled in 2019 and contains 10,889 square feet, including a drive through. The corporate lease has 14+ years remaining on an Absolute Triple-Net Lease with an additional ten (10) 5-Year Renewal Options. This lease features a rare 34% rent increase at the start of the first option period. The property benefits from outstanding visibility and access and is well located at the intersection of Crain Highway (US Route 301) and Hawthorne Road in the heart of the area’s primary commercial corridor The property is shadow anchored by the La Plata Plaza which is anchored by a Target and Safeway. The property enjoys outstanding traffic counts along Crain Highway and is surrounded by numerous national retailers, further driving traffic to the immediate area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.