TYSONS CORNER, VA-A freestanding CVS in Tysons Corner is going to market this week. It is a rare asset not only for the net lease investors, but also for anyone interested in getting a piece of the ever-growing Tysons Corner pie.

The property, owned by a JV between Regency Centers and local investor Jay Donegan, is located on the corner of Route 7 and Gallows Rd. Calkain Cos. is the broker.

Regency Centers typically focuses on multi-tenant retail but it occasionally will hone in on a top quality net lease deal, Calkain's Jonathan Hipp tells GlobeSt.com—which is what this particular CVS is. According to the offer memorandum, this ground lease has 25 years of primary term with a 26% rent increase after year 15. Hipp also says there is a potential redevelopment down the road with this asset. "This is a top generational, trophy real estate asset for the net lease business," he says.

Besides net lease investors, the site appeals due to its location in Tysons Corner—a submarket that is burgeoning with opportunity thanks in some part of the four new metro stops coming to the area. "Because of these new stops, Tysons Corner is the hottest redevelopment spot in the area now," Hipp says. This particular CVS will be Tysons Corner's first free-standing drug store, he points out.

"For all those reasons we are expecting pricing to come in around $27 million," he says.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.