Marcus & Millichap has arranged the sale of a net-leased CVS Pharmacy in O’Fallon, Missouri, a transaction that closed at a price of $2.975 million. The single-tenant retail asset is occupied by CVS Pharmacy under a corporately guaranteed triple-net ground lease, with more than 15 years of term remaining at the time of sale.
Mitch Grant, associate director investments with Marcus & Millichap, noted that despite broad shifts at the corporate level among retail pharmacy chains, investor appetite for properties leased to these tenants remains strong across the United States. The sale of this O’Fallon asset reflects that continued demand for net-leased, pharmacy-anchored retail.
The brokerage team marketing the property on behalf of the seller consisted of Grant and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago Downtown office, working in association with David Saverin, Marcus & Millichap’s Missouri broker of record. They held the exclusive listing to bring the property to market for a New York-based family seller.
On the buy side, Luke Grant of Skyline CRE procured a local Missouri 1031 exchange buyer. The purchaser completed the acquisition as part of a like-kind exchange, using the CVS asset to redeploy capital into a net-leased retail investment.
The property totals 13,225 square feet and features a drive-through configuration, situated on a 1.72-acre site at 1580 Bryan Road in O’Fallon. Constructed in 2015, the store represents relatively new construction within the community and is designed for modern pharmacy and convenience retail operations.
The CVS site is located approximately 35 miles northwest of downtown St. Louis and benefits from regional connectivity via nearby interstates 64 and 70. This highway access supports both local and pass-through traffic for the tenant, enhancing the property’s position within the broader St. Louis metropolitan area.
The combination of a long-term, corporately guaranteed triple-net ground lease, a nationally recognized pharmacy tenant, and a relatively recently built facility contributed to the property’s investment profile. In addition, the use of 1031 exchange proceeds by the local buyer underscores ongoing interest in stabilized, single-tenant retail assets as tax-advantaged replacement properties.
The transaction highlights the role of national investment sales platforms and local brokerage relationships in matching out-of-state sellers with regional buyers for net-leased retail assets. It also illustrates that, even amid shifts in the retail pharmacy sector, investors continue to pursue well-located, long-duration ground leases backed by creditworthy tenants.
