Newport Beach, Calif. (April 17, 2018) – SRS Real Estate Partners’ National Net Lease Group announced the recent sale of a CVS/Pharmacy in Hampton, Va. for $8.25 million, at a 5.19 percent cap rate, which is the lowest cap rate on record for a CVS/Pharmacy with a loan assumption in Virginia, according to information available from CoStar.
The 24-hour location for CVS has more than 23 years left remaining on the initial term and the lease is guaranteed by CVS Health Corporation. SRS received multiple offers and managed a complex loan assumption before the property was ultimately sold to a private California-based investor.
“We received significant interest from purchasers due to the long-term, conservative nature of the lease and the strength of the sub market,” said Britt Raymond, first vice president of the NNLG in SRS’ New York office. “We were able to successfully transact with a qualified California-based purchaser that was motivated by a 1031 exchange. The transaction included an assumption of the seller’s existing debt and was executed at an aggressive 5.19 percent cap rate.”
Britt Raymond, first vice president, and Kyle Fant, senior associate of the National Net Lease Group in the New York office, along with Matthew Mousavi and Patrick Luther, managing principals in the Newport Beach office, represented the seller.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders.Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.