Pharma Property Group Sells Washington DC Area Short Term CVS

Pharma Property Group arranges the sale of a CVS property in Capitol Heights, Maryland (Washington DC Metropolitan Area). The tenant had just under three years of firm term on the lease with a base rent increase at the next option of 4.8%. CVS has been operating at this location for over 27 years with an established presence in the market.

“The investment provided the rare opportunity to acquire a net leased CVS property in a major East Coast metropolitan area at an elevated return with no rent holiday. CVS had renewed its first two options at escalated rents showing its commitment to the location. We worked with a local broker and their buyer who were both based in the Delmarva area and had extensive knowledge of this market. These CVS assets without rent holidays remain in demand due to limited inventory which has kept CAP rates compressed relative to other national drugstore tenants in the sector,” said Chris Barry, Senior Vice President at Pharma Property Group.

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
www.pharmapropertygroup.com
Office: (858) 860-6591