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| Christopher DePierro |
IRVINE, CA, Sept. 3, 2015
– Faris Lee Investments, a leading retail advisory and investment sales firm,
has completed the $4.88 million “pre-opening” sale of a new construction,
16,500-square-foot, free-standing CVS/pharmacy property in Vallejo, Calif.
The transaction’s cap rate
of 4.3 percent is the lowest ever recorded for a single-tenant CVS-occupied
property in the United States per CoStar records.
Christopher DePierro and Jeff Conover of Faris
Lee Investments represented the seller, Rivers Rock Vallejo, LLC, from Southern
California. The buyer, Calipine Corporation from Northern California was in a
1031 exchange and was represented by LemRx Realty Advisors.
Located in San Francisco’s
Bay Area, the freestanding building that includes a drive-thru is situated on
just over 1.6 acres of land at the southwest corner of Columbus Parkway and
Admiral Callaghan in the City of Vallejo.
The property is under
construction and is part of a new retail project that will also include the
first Chick-fil-A and Chipotle restaurants in the city. The tenant signed a new
25-year ground lease and is anticipated to open its doors in October 2015.
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| Jeff Conover |
“This single-tenant asset
sold at a very strong price and record-breaking low cap rate because it offered
the buyer all the fundamentals for a secure and stable investment.
"It has a
long-term lease, passive cash flow, a strong Bay Area location, and new
construction with a name brand, credit tenant. This is an ideal scenario and
therefore investments like this are hotly contested,” said DePierro.
“Another very important
component to the transaction relative to the historically low cap rate is that
the lease was not guaranteed by CVS corporate, but Longs Drugs Stores of
California, Inc., a subsidiary of CVS. The tenant is relocating from an
in-line, non drive-thru location in the adjacent center,” he added.
The property is located in
the most successful shopping hub serving the cities of Vallejo, Benecia, and
American Canyon.
It offers direct access to Interstate 80, which sees more than
100,000 vehicles a day and is the main corridor linking Sacramento to the
Oakland/Bay Area as well as Napa Valley.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
Spaulding Thompson &
Associates
949.278.6224
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