On the Market: 5 Interesting Listings for October

This month's listings include a CVS Pharmacy store in Michigan, a vintage multifamily asset in Richmond, Va., and a recently renovated flex building in Miami.

On the Market is a monthly department curating the most interesting recent for-sale CRE assets for less than $10 million. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Associate Editor Roxana Baiceanu.

CVS Pharmacy

2506 Niles Ave. Image courtesy of The Jonna Group

Location: 2506 Niles Ave, St. Joseph, Mich.

Price: $6,318,000

Building Size: 13,225 square feet

Property Type: Retail

Year Built: 2015

Highlights: The property features a long-term lease, with more than 22 years remaining of the contract, and a rent increase option at every five years. The building has been meticulously designed with brick and limestone upgrades to match neighboring developments. It is located in the central retail corridor of Saint Joseph, on the signalized intersection of Niles Ave. and Napier Ave. It is minutes from Lakeland Medical Center Campus and Whirlpool Corp. world headquarters. Retailers in the immediate vicinity include Walgreens, Taco Bell, Starbucks, McDonald’s and Dunkin’ Donuts.

Contact: Simon Jonna & Raymond Jonna from The Jonna Group; Tel. 248-415-2625 and 248-415-3018

Ambience Lofts

The Ambience Lofts. Image courtesy of One South Commercial

Location: 1714-1716 Summit Ave., Richmond, Va.

Price: DBT

Building Size: 50,034 square feet

Property Type: Multifamily

Year Built: 1900

Highlights: The community is located in an opportunity zone in Richmond’s Scott Addition neighborhood and preserves several historic elements such as a grand common atrium and interior balconies. Its units are fully renovated and feature stainless steel appliances, washer and dryer and polished concrete floors. Rents are expected to increase by 5 percent annually. Ambience Lofts has several local restaurants, breweries and coffee shops within walking distance and provides convenient access to interstates 64, 95, 195 and the Powhite Parkway.

Contact: Justin Sledd & Tom Rosman from One South Commercial; Tel. 804-539-3017 and 804-307-4060

4643 Quail Lakes Drive

4643 Quail Lakes Drive. Image via Google Street View

Location: Stockton, Calif.

Price: $5,575,000

Building Size: 24,077 square feet

Property Type: Office

Year Built: 1985

Highlights: The two-story building sits on a 2-acre parcel which also encompasses a parking lot accommodating up to 104 vehicles. The property fronts Interstate 5 and is almost entirely leased to four tenants with The Internal Revenue Service anchoring the building. The tenant has recently extended its lease until 2026. The property’s Cap Rate averages 7 percent    

Contact: Randy Getz & Brian Peterson from CBRE; Tel. 916-446-8287 and 209-476-2907

Fresenius Medical Care

2978 Mattox St. Image via Google Street View

Location: 2978 Mattox St. Tupelo, Miss.

Price: $3,332,925

Building Size: 17,152 square feet

Property Type: Medical Office

Year Built: 2009

Highlights: The property was built-to-suit for Fresenius in 2009 and features a double-net lease for the next 6.5 years. A 10 percent rent increase at every five years is included in the lease contract. The building encompasses 50 dialysis stations and it also houses a peritoneal dialysis clinic and kidney care 365 classes. The parking lot accommodates up to 70 vehicles. 

Contact: Valerie Cook & Sean Sharko from Marcus & Millichap; Tel. 630-570-2222 and 630-570-2238

3633 Mentone Ave.

3633 Mentone Ave.

Location: Los Angeles, Calif.

Price: $7 million

Building Size: 16,900 square feet

Property Type: Multifamily

Highlights: The property offers a mix of one-, two- and three-bedroom apartments, with 12 units offering separate balconies. Front gate is open by remote control. The parking lot provides space for 30 vehicles: 7 single stalls and 12 tandem. The cap rate averages 3.6%

Contact: William Weatherby of Weatherby Realty; Tel. 310-909-5050

All information is property of the respective brokerage firms or broker.