Former CVS Fetches $243 PSF

Dec 06, 2018 No Comments by

NAI/Merin Hunter Codman, Inc.’s Chairman Neil E. Merin, SIOR, CCIM and Principal Spencer S. Grossman executed the $2,725,000 sale of 10055 Yamato Road in Boca Raton.

Merin and Grossman represented the seller, Kimberly Estates II LLC, in the sale of the 11,200-square-foot former CVS building constructed on 1.30 acres. Andy Mandel a Broker with RE/MAX Advisors represented the purchaser, Nexgen Legacy Group LLC.

 

Grossman reported, “Our client, which had owned the property for nearly 12 years, was ready to dispose of the asset as it no longer fit their investment criteria. The day the property hit the market multiple offers were received and we were able to negotiate a great deal for our client. The property traded for just under the asking price as it is rare to find well-built buildings on hard corners in Boca Raton.”

 

Merin added, “Maximum asset value, despite vacancy, is the highlight of this transaction. Through NAI/Merin Hunter Codman’s three decades of local market expertise we were able to correctly price and position the asset which ultimately allowed us to find the right buyer.”

Nexgen Legacy Group, LLC, plans to convert a portion of the property for its own businesses and build-out an executive suite operation in the remainder of the space.

 

 

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Industry News, NA, Palm Beach County Retail, Retail
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