1109 Benns Church Blvd. in Smithfield — Courtesy: Marcus & Millichap
By Joshua Burd
A buyer has paid more than $3.2 million for a net-leased CVS property in Virginia, under a transaction arranged by Marcus & Millichap’s New Jersey office.
The investment sales firm announced Friday that it secured the purchaser of the 11,057-square-foot asset at 1109 Benns Church Blvd. in Smithfield. The unnamed company, a New Jersey-based LLC, acquired the property for $3.24 million.
“The buyer completed a 1031 exchange out of a management intensive, industrial property and was seeking a passive investment with income stability,” said Karly Iacono, first vice president, investments, in Marcus & Millichap’s Saddle Brook office. “The property is subject to a 20-year lease with CVS, an investment-grade tenant which has been paying rent without interruption throughout the COVID-19 pandemic.”
Iacono completed the transaction alongside Benjamin Yelm, broker and regional manager of Marcus & Millichap’s Virginia office.