BOSTON – Newmark Grubb Knight Frank (NGKF)’s U.S. Head of Capital Markets Robert Griffin, Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Associate Director Paul Penman, formerly of Cushman & Wakefield, announced the sale of CVS | Belmont in Belmont, Massachusetts to Copley Investments for $14 million. The team oversaw the transaction of the CVS-anchored asset on behalf of K&R Realty Trust.
The institutional-quality offering includes a 14,195 square foot CVS/pharmacy and 5,300 square feet of inline space leased to Mount Auburn Hospital. The transaction also included an adjacent two-family residential building.
“CVS | Belmont’s excellent frontage along Trapelo Road and the extensive parking field of the site are key competitive advantages,” said Smith. “As Trapelo Road undergoes its current transformation into a walkable, pedestrian-friendly thoroughfare, the property that was once home to the Kendall family’s Volkswagen dealership is still one of the most desirable pieces of real estate along the corridor.”
Trapelo Road, running through both Belmont and neighboring Waltham, features traffic counts of approximately 15,200 vehicles per day. The property benefits from one-, three- and five-mile population counts of 27,800, 208,500 and 633,700 people, respectively, with coinciding average household incomes of $124,400, $115,100 and $113,000.
“Home to the sole pharmacy in the immediate area, CVS | Belmont boasts limited competition in a high barrier to entry market,” said Millerd. “Combined with the asset’s exceptional location, this secures the offering’s premier status as a strong community staple for years to come.”