Boston– NGKF Capital Markets has successfully completed the sale of CVS | Medford in Medford, Massachusetts to Linear Retail for $4.75 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Associate Directors Paul Penman and Matthew Waisnor of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the freestanding single-tenant asset on behalf of Case Real Estate Capital.
Totaling 15,700 square feet, CVS | Medford is fully leased to CVS/pharmacy, which has been a fixture in the city since opening at this location in 1996. The property boasts strong frontage along High Street, one of the major corridors that combines to form Medford Square, the city’s vibrant downtown district.
“CVS | Medford represents a unique single-store asset in one of Medford’s most heavily-trafficked areas and boasts a 35-car parking lot, a rarity for such an urban infill location,” said Smith. “This store therefore represents a highly-productive location for the tenant, which has consistently performed exceedingly well.”
By virtue of its exceptional Metro Boston location, CVS | Medford enjoys strong surrounding demographics, featuring one- and three-mile population counts of approximately 30,900 and 268,600 people with coinciding average household incomes of $91,000 and $100,700. Positioned less than 1.5 miles from Tufts University, CVS | Medford also benefits from the presence of this premier academic institution, which is home to approximately 11,700 students and 3,100 staff members.
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.