The Opportunity: CVS Pharmacy was acquired in November 2013 at an acquisition price of $2.0 million. It served as a single-tenant net lease (“STNL”) property in a strong retail location to syndicate to 1031 exchange investors.
Result: The property sold in June 2014 at a sales price of $2.75 million, generating an estimated internal rate of return (IRR) of 11%.
Asset Type: Retail
Asset Size: 12,000 sf; 0.96 acres of land
Year of Construction: 1985
Acquired: 100% ownership interest in November 2013
Sold: June 2014