Franklin Street announces the sale of a CVS corporate-guaranteed triple-net lease for $2,610,000. This sale represents $251 per square foot and is located at 2513 U.S. Highway 19 in Holiday, Fla.
Rafeal Wright, CCIM and Jonathan Graber, CCIM represented the seller, Holiday Sun Properties LTD LLLP, a Southeast Florida limited liability partnership. The buyer is a South American Fund with an office in Miami, Fla.
“We have seen a wave of foreign investors purchase retail properties throughout the U.S. – a good amount being from South America,” Wright said. “Seeing Tampa Bay retail as a safer investment, they have been making their way into our market recently.”
Built in 1996, the property had a remaining lease term of less than three years.
“Most new drugstores have 20 to 25 years on their initial lease which gave us initial challenges finding the right buyer,” Graber said. “However, due to the location and strong sales history, we were able to sell at 94 percent of our asking price.”
The freestanding CVS is located on U.S. Highway 19 and Darlington Road in the heart of Holiday, FL. CVS/Pharmacy has more than 7,400 stores across the U.S. serving more than 60 million plan members.
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