Marcus & Millichap Real Estate Investment Services has completed the sale of CVS Kinderhook, a 13,225 s/f single-tenant net-leased property located on Rte. 9 and State Farm Rd., according to J.D. Parker, vice president and regional manager of the firm's Manhattan office. The asset commanded a sales price of $4 million and a capitalization rate of 6.75%.
Glen Kunofsky, senior vice president investments and Judson Kauffman, an associate at Marcus & Millichap's Manhattan office, worked directly with the seller, a local REIT. The buyer, a private investor, was secured and represented by Glen Kunofsky, Judson Kauffman, Matthew Fotis, and Lazarus Apostolidis all in the Manhattan office.
"This property was within two hours of New York City and had the attention of many lenders' which ultimately awarded the buyer with a great overall return on a strong asset," said Kauffman. Tags: