Pharma Property Group Arranges Sale of CVS Pharmacy in Naples, Florida for $7.2M
Pharma Property Group (PPG), a national brokerage firm exclusively focused on drugstore investment properties, announced the sale of a CVS Pharmacy located at 7380 Davis Boulevard in Naples, Florida. The property traded at a 6.25% capitalization rate.
Chris Barry, Partner at Pharma Property Group, represented the Florida-based private seller in the transaction.
The 13,013-square-foot CVS Pharmacy was constructed in 2010 at the signalized intersection of Davis Boulevard and Santa Barbara Boulevard. The property has been occupied by CVS for more than 15 years and is subject to a triple-net lease extending through January 2035, with four additional five-year renewal options.
The property is situated within a growing retail corridor that has experienced significant residential expansion and continued interest from national retailers.
“The higher price point naturally narrowed the pool of potential buyers, particularly given the current cost of debt,” said Chris Barry. “The amount of new and projected commercial development surrounding this CVS was a meaningful part of the investment story. We felt the continued growth of this corridor helped distinguish the property from other drugstore opportunities on the market and ultimately allowed us to achieve favorable pricing for our client.”
The transaction further reflects Pharma Property Group’s continued activity in the national drugstore investment market. Founded in 2012, the firm has completed more than $3 billion in drugstore transactions over the past decade and specializes exclusively in the sale, valuation and advisory of CVS and Walgreens real estate throughout the United States.
Pharma Property Group (PPG) is a premier commercial real estate firm specializing exclusively in properties leased to national drugstore chains including Walgreens & CVS. With a proven track record of success, evidenced by over $3 billion in closed transactions and over $5 billion in drugstores underwritten, PPG offers landlords unparalleled market intelligence and access to the industry’s most extensive network of drugstore property owners. Our unique and comprehensive marketing platform ensures access to the largest pool of drugstore buyers and sellers in the nation.
Chris Barry, Partner
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
www.pharmapropertygroup.com
Cell: (818) 585-8006
Jason Pongsrikul, Managing Principal
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
www.pharmapropertygroup.com
Office: (858) 860-6591