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| CVS Pharmacy, 2419 Nichol Avenue, Anderson, IN |
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| 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
949.278.6224
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