Connecticut Avenue NW CVS Pharmacy Sells at $1,714 PSF
Jonathan Hipp, President & CEO and Rick Fernandez, Senior Managing Director at Calkain Companies, recently completed the sale of the, 8,754-square-foot, street level NNN real estate, 100% leased to CVS Pharmacy at 3323, 3325-3329 Connecticut Avenue, NW in Washington DC. Calkain represented the seller, a Family Trust, in the $15M, 5.8% cap rate transaction.
Originally a Peoples Drug, this store has been in continuous operation as a pharmacy since the 1950’s and was renovated and converted to a CVS in 1990. “The investment offered a credit rated CVS guaranty in a neighborhood with high barriers to entry, particularly in replacing the finished street level retail space of nearly 9,000 square feet.” Commented Fernandez. “The property sold to a private investor completing a 1031 exchange and the lease guarantee, long standing operating history, market demographics and potential for income growth fit their acquisition criteria,” Hipp added.
There was significant interest from private and institutional buyers for the property. The transaction closed within the last thirty days and is in the public record.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at calkain.com.