August 19, 2020 – Chris King of Horvath & Tremblay has successfully completed the sale of CVS Pharmacy in Stone Mountain, Georgia. Horvath & Tremblay exclusively represented the seller in this transaction at a sale price of $3,000,000.
CVS Pharmacy is located at 7207 Rockbridge Road in Stone Mountain, Georgia. The stand-alone brick building was constructed in 1997 and contains 10,125 square feet, including a drive through on a 1.20 acre-lot. CVS has been at this location for 23 years and has 1.5 years remaining on a Double-Net (NN) Lease with one (1), 5-Year Renewal Option. There is an 8.0% rent increases at the start of the next renewal option. CVS is strategically located at the intersection of Rockbridge Road Southwest and Deshon Road which sees more than 30,000 vehicles per day. The property is across the street from a Publix-anchored retail center and is surrounded by other national retailers. Stone Mountain is part of the Atlanta MSA and has strong area demographics, with more than 145,486 people living within a 5-mile radius with an average household income over $86,900.
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.