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Tuesday, May 22, 2012 Mixed Use
In the first transaction, Brad Nathanson and Jordan Muchnick of the Nathanson Retail Group in Marcus & Millichap's Philadelphia office represented J&W Paintworks, LLC in the sale of a 14,593 square foot CVS Pharmacy. The retail property is located at 70 Lakeview Drive in Gibbsboro, N.J., and sold for $6.4 million, or $436 per square foot. Built in 2007, the building is situated on the old Paintworks site and is leased for 25 years to CVS. It was sold to DG Gibbs, LLC, who was represented by Mark Thomson, also of the Nathanson Group. In a separate deal, Michael Lawrence, VP of investments of Marcus & Millichap's Newport Beach, Calif., office, represented Monrovia Avenue, LLC in the $5.8 million sale of the Hachette Filipacchi Media US Building in Newport Beach. The single-tenant building is located at 1499 Monrovia Ave. and serves as the headquarters for Road & Track Magazine. Built in 1967, the two-story office property contains 16,560 rentable square feet and was sold to Kenneth M. Kaplan in a 1031 Exchange. Address: 70 Lakeview Dr. South, Gibbsboro, N.J. 1499 Monrovia Ave., Newport Beach, Calif. Size: 31,153 square feet Built: 2007, 1967 Filed Under: Mixed Use E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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