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Drugstore Sells at Lowest Cap Rate for a CVS in 2016

DALLAS—While single tenant properties are selling in all types of locations, core markets such as Dallas are at the forefront of investor demand, as is evidenced by the recent sale of a CVS for a record low cap rate.

CVS sale The CVS Pharmacy in Victory Park has recently sold at a 4.6% cap rate.

DALLAS—Victory Park is a 75-acre mixed-use development surrounding the American Airlines Center, which is home to the Dallas Mavericks and Dallas Stars. It features more than 165,000 square feet of retail, restaurant and entertainment space, 621,000 square feet of class-A office space, the 252-room W Dallas–Victory Hotel, more than 1,700 residential units, and the Perot Museum of Nature and Science.

Within the Victory Park area, a CVS Pharmacy has recently sold at a 4.6% cap rate, which is the lowest cap rate for a CVS sale in 2016 according to CoStar. The buyer was a Southeast-based real estate company.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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