January 19, 2017 – Bob Horvath, Todd Tremblay and Brian Ahrens, of Horvath & Tremblay, have successfully completed the sale of a newly constructed CVS located in Shepherdsville, KY. Horvath & Tremblay worked exclusively with the local 1031 exchange buyer to fulfill their exchange requirement. The property closed at a sale price of $7,014,500, a cap rate of 5.07%.
Occupying a newly constructed 12,000-square foot property, CVS operates under a new corporate guaranteed, 25-year triple net lease (NNN) with (5) five year options. The property features CVS’s latest prototype design and offers customers the convenience of a prescription drive-thru. CVS is strategically positioned with excellent access and visibility with traffic counts over 35,661 vehicles per day at the hard corner signalized intersection of Highway 44 and Highway 61. Located in downtown Shepherdsville, the property is in close proximity to the Bullitt County public offices and Cedar Grove Business Park which is home to some of the region’s largest employers. The downtown area has strong national tenant representation with retailers including: Walgreens, AutoZone, Kroger, AT&T, Advance Auto Parts, Family Dollar, Pizza Hut, WingStreet, Valvoline, Wendy’s, McDonald’s, Starbucks, Walmart and many others. The property was ideal for the out-of-state investor with zero landlord responsibilities and CVS’s strong credit strength.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.