TYSONS CORNER, VA—A CVS here has traded for a record-breakingprice of $24.7 million, and a sub 5 caprate. It is difficult to find a similar comp elsewhere inthe country at this price point, Calkain Cos. CEO JonathanHipp tells GlobeSt.com. Simply put, he says, "at 4.97%this probably the lowest cap rate ever for a CVS in this pricerange."
The seller of the CVS is a joint venture between a localdeveloper and a national REIT. The buyer was a joint venturebetween a Middle Eastern group and GaryRappaport.
Hipp, along with Andrew Fallon andJonathan Florin represented the sellers.
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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.
