Faris Lee Investments Completes Sales of Three Single-Tenant Properties Occupied by CVS Pharmacy Totaling $17 Million

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.”

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