May 18, 2023 – Michael Talbert, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS in Fort Pierce, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $4,788,000.
CVS is located at 1891 N US Highway 1 in Fort Pierce, Florida. CVS has been at the Property since its construction in 2006 and has over 8+ years of term remaining on their lease, followed by three (3), 5-year renewal options. The CVS lease calls for attractive 10% rent increases at the start of each renewal option. The well positioned CVS has recently been renovated and features the new CVS floorplan and also benefits from a two-lane drive thru. The Property is an outparcel to the Taylor Creek Commons, a Publix Supermarket anchored shopping center and is situated at the signalized intersection of N US Highway 1 and N Causeway (A1A). N US Highway 1 is the area’s primary commercial and commuter corridor, and the N Causeway provides the only access to northbound A1A for more than 12 miles. CVS benefits from its proximity to Publix, the primary grocer for the surrounding area. Additionally, CVS is the closest Pharmacy and Publix is the closest Grocery store for all of the residents living along A1A on the barrier island and is immediately visible when crossing the intracoastal to the mainland. CVS is located in St. Lucie County, in the heart of Florida’s Treasure Coast. Over the past decade, the area has seen explosive growth with a population increase of 18.5%. This trend is expected to continue over the next five years.
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.