June 21, 2024 – Charles Moody of Horvath & Tremblay has successfully completed the sale of a CVS in Vero Beach, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,100,000.
CVS is located at 4215 9th Street SW in Vero Beach, Florida. CVS has been at the Property since its construction in 2004, and recently exercised their first renewal option demonstrating their commitment to the site and the market. CVS has 5+ years of term remaining on their lease, followed by three (3), 5-year renewal options. The CVS lease calls for attractive rent increases at the start of each renewal option. The Property is a pad site within South Point Shopping Center, a Publix Supermarket anchored shopping center, and is situated at the signalized intersection of 43rd Avenue SW and 9th Street SW (also known as Oslo Road). 9th Street SW (Oslo Road) is the area’s primary east-west commercial and commuter corridor and connects the Property with US Route 1 approximately 3 miles to the east and Interstate 95 to the west. The DOT has planned a $95 Million project to add an exit off of Interstate 95 at Oslo Road and to widen Oslo Road to four lanes at the interchange (the project is expected to be completed by summer 2027). CVS is surrounded by densely populated residential communities and benefits from its proximity to Publix, the primary grocer for the surrounding area.
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.