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| Matthew Mousavi |
IRVINE, CA, April 13, 2015 – Faris Lee Investments, a
leading retail advisory and investment sales firm, has completed the sales of
three newly constructed, single-tenant properties triple-net leased by CVS
Pharmacy.
All told, the transactions were sold for a total of $17 million.
Matthew Mousavi
and Patrick Luther of Faris Lee
Investments represented the single seller in the three transactions, a
Connecticut-based national developer for CVS Pharmacy properties. Each property
was acquired by a different private buyer. The properties include:
· Conroe, Texas
(near Houston): The asset totals 14,600 square feet and is situated on 3.51
acres at Highway 242 and Harpers Trace. It sold at a 4.9 percent cap rate.
· Buda, Texas:
The property totals 15,300 square feet and is situated on 2.67 acres at the
southwest corner of FM 967 and FM 1626. It sold at a 4.85 percent cap rate.
· New Orleans,
LA: The property totals 13,600 square feet and is situated on 1.32 acres at
1600 Elysian Fields Ave. The property sold at a record $801 PSF.
“The two properties located in Texas were notable
transactions as they sold for the lowest cap rates on record for CVS-leased
assets in Texas per CoStar records,” noted Mousavi. “Additionally, these were
pre-sales whereby Faris Lee was able to procure private buyers willing to close
escrow prior to the tenant opening for business.”
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| Patrick Luther |
Mousavi noted that the New Orleans property was also a
significant sale. The site is less than one-mile from the French Quarter, and
was ideally located within the most densely populated regions of Louisiana.
“This trophy New Orleans CVS property is projected to do a
very high sales volume,” commented Luther. “Because of the nature of this
high-profile, single-tenant asset, Faris Lee procured 15 qualified offers from a wide range of buyer types.
Ultimately, the highest price and best terms were offered by the private market
in the form of a family trust based on the East Coast.”
Over the past 24 months, Faris Lee has been an active
advisor for both sellers and buyers of single-tenant, net-leased retail
properties on a national basis with over 295 transactions in 44 states.
The
firm has garnered record-breaking cap rates as the demand for these properties
has escalated with a diverse buyer pool vying for this passive and tangible
investment category.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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