Tuesday, September 13, 2016

Faris Lee Investments Completes $2.6 Million Sale of a Freestanding Property Occupied by CVS Pharmacy in Anderson, IN

CVS Pharmacy,  2419 Nichol Avenue, Anderson, IN

Jeff Conover
IRVINE, CA,  Sept. 13, 2016 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property NNN-leased to CVS Pharmacy with a drive-thru in Anderson, IN. 

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Indiana-based Copper Development. The 1031 exchange buyer, Cuneo Trust from California was represented by Nick Cuneo of Clement Partners. The closing cap rate was 6.4 percent and the price per square foot was $257.

“Although CVS has just two years remaining on its current lease term, it has been at the property for 17 years and has historically generated strong sales,” said Conover. “The buyer saw this as a stable, long-term investment with a national brand retailer in a location that continues to see sales growth.”

Built in 1998 and situated on 1.7 acres at 2419 Nichol Ave., the property is strategically located at the signalized, hard corner intersection of Nichol Ave./State Road 32 and Raible Ave. which see a combined

19,700 vehicles per day. Nearby tenants include Wendy’s, Taco Bell, O’Reilly Auto Parts, AutoZone, the U.S. Post Office and Pizza King. There are more than 68,500 residents and more than 31,300 daytime employees within a 5-mile radius of the property.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

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