CVS Pharmacy Up For Grabs Near Downtown Seattle

By Mihaela Coste

Rendering of CVS Pharmacy. 11 West Mercer St., Seattle

Seattle—Marcus & Millichap has been chosen to market a newly constructed 15,971-square-foot CVS Pharmacy in Seattle’s Queen Anne neighborhood for the price tag of $19.5 million. Preet Sabharwal and Daniel Corcoran, both based in the firm’s Manhattan office, are representing the undisclosed seller and Regional Manager Joel Deis of Marcus & Millichap’s Seattle office is the broker.

The property is located on the ground floor of a new 34-unit luxury apartment community at 11 West Mercer St., in close proximity to the Seattle Center. The pharmacy is exposed to nearly 40,000 vehicles which pass through the intersection each day, and 223,000 people with an average household income of $100,000 living within a three-mile radius. Major tenants in the neighborhood include Bank of America, Safeway, Starbucks, Taco Bell, Chase Bank, Key Bank, FedEx, and UPS among others.

“The flight to safety in high-street retail in hyper-core markets like Seattle continues across domestic lines,” said Sabharwal in a prepared statement. “Quality credit single-tenant net-lease real estate has continued its longstanding appeal to the private capital buyer and certainly continues to attract the broadest buyer pool, including international capital and pension funds.”

Image courtesy of Uptown 11 website