The property was developed by the seller, CVS-LEC Ltd. of Houston. Christopher D. Winters with the local office of Colliers International tells GlobeSt.com that the CVS store, bound by a 22-year lease, came to market for about $4.3 million as soon as construction wrapped up.
Winters says the 2.3-acre property was only listed about a month before receiving a handful of offers and going under contract to the buyer. Winters says the deal carries a 6.75% capitalization rate for a buyer of net-leased pharmacies in Texas.
As most in the business know, net-leased pharmacies are a popular item these days with 1031 Exchange buyers. "They like that they are getting an investment grade tenant behind the lease," Winters explains.
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