April 19, 2017 – Brian Ahrens, Bob Horvath and Todd Tremblay of Horvath & Tremblay, have successfully completed the sale of the ground lease of CVS in Raleigh, North Carolina. Horvath & Tremblay procured the 1031 exchange buyer to close the property at a sale price of $4,225,000, a cap rate of 4.5%.
CVS Pharmacy will occupy a newly constructed, 11,945-square foot property situated on a 1.6 acre parcel located at Lake Boone Trail at Landmark Drive. CVS will operate under a new corporate guaranteed 20-year lease with four, five year options and 5% rental escalations in the option periods. The property is located on a hard corner with great visibility within an area that is currently undergoing extensive redevelopment. This CVS is an outparcel to a new 245-unit multi-family and retail mixed-use development. Located directly adjacent to the property is the Rex Healthcare Hospital. The 665-bed hospital is one of Raleigh’s largest employers with over 1,100 physicians who treat over 34,000 inpatients each year. Also located in close proximity to CVS are Food Lion, Chick-fil-A, McDonald’s and Starbucks.
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.