November 20, 2024 – Bob Horvath, Todd Tremblay, Steven Schiavello, Patrick Gray and Jack Laurendeau of Horvath & Tremblay have successfully completed the sale of CVS in Willoughby Hills, Ohio. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3,525,000.
The CVS is located at 28700 Chardon Road in Willoughby Hills, Ohio. The Property consists of a 17,204 square foot building on a 1.47-acre parcel of land. CVS Leases the entire 17,204 square foot building occupying 10,125 square feet and subleasing two retail suites that total 7,079 square feet. The additional space is handled directly by CVS, and they have a sublease with Speed Cycle Express Laundromat and one vacant unit. CVS has been at the Property since 2001 and showed their commitment to the site by extending their lease through January 2029, leaving 5+ years of term remaining with nine (9), 5-year renewal options. The Property is situated on a highly visible corner parcel at the signalized intersection of Bishop Road and Chardon Road (US Route 6). CVS is seconds from the Shoppes at Willoughby Hills, a Grocery anchored shopping center, and is 0.4-miles from Interstate 90, and 1.3-miles from US Route 20, and 2-miles from Interstate 271. Additionally, the Property is 2.5-miles from a new Amazon Distribution Center which sits at the heart of a large industrial corridor that is positioned between US Route 20 and Interstate 90. The Property is close to area schools and is surrounded by densely populated residential neighborhoods, large apartment communities, and condominium complexes that provide a built-in customer base for CVS.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.