Pharma Property Group Arranges Sale of Short-Term CVS Property in Florida for $3.4 Million
A Florida-based private investor paid $3.4 Million for this double net CVS property located in the heart of downtown Naples Historic District. This is one of three CVS properties which PPG has been engaged to sell for this particular ownership group and it is the first time this property has been available for sale, as the seller was the original developer.
“The drugstore pricing environment has shifted considerably along with the entire net lease market over the past year and we were pleased to achieve a low 5 CAP on this asset which is one of the lowest CAP rates for a drugstore lease under 5 years in the past six months” Chris Barry SVP, noted.
The store was positioned on a hard corner at the main and main intersection in Downtown Naples with strong incomes and dense population counts in the immediate surrounding area. CVS was on a double net lease with landlord responsible for roof and structure.
“We were able to pair the seller with one of our repeat buyers directly off market and achieve a favorable outcome for all parties involved. Our deep rolodex of relationships within the drugstore space provides our clients with maximum exposure to the most active buyers and off market inventory which continues to prove indispensable especially in this market,“ said Mr. Barry.
CVS Health Corp. is the largest U.S. pharmacy company and one of the nation’s largest health services providers. Its four business segments (Pharmacy Services, Retail/LTC, Health Care Benefits and Corporate/Other) encompass more than 9,900 retail drugstores (CVS Pharmacy), 1,100 walk-in medical clinics (MinuteClinic), a pharmacy benefits manager (CVS Caremark) with 105 million PBM plan members, specialty pharmacy services, a long-term care pharmacy business (Omnicare) serving more than 1 million patients annually and a health insurance unit (Aetna) serving 34 million people via health coverage products and related services, including Medicare Advantage and Medicare Part D prescription drug plans.
Pharma Property Group (PPG) has over $2 Billion in closing transaction experience and specializes in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid. Pharma Property Group is one of the top brokerage firms in the country in drugstore property closing volume and has an unparalleled drugstore marketing platform providing access to the largest pool of drugstore landlords in the nation.
Chris Barry, Senior Vice President
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
Office: (858) 860-6591