CBRE has completed the sale of CVS Plaza at South Mountain at 1615 – 1635 E. Baseline Rd. in Phoenix and negotiated the spinoff of the CVS Pharmacy, which closed the same day.
The sale included an approximately 14,000 sq. ft. retail strip center and a 14,169 sq. ft. CVS Pharmacy. The first sale commanded a price of $5.9 million. Total consideration for the re-sale of the CVS was $4.43 million.
Andrew K. Fosberg with CBRE’s Phoenix office represented the Buyer on the initial sale that included the strip center and CVS and the Seller on the CVS-only sale, Portland, Oreg. based NW Acquisitions, LLC.
“The Buyer of the first portion of the deal was attracted to the upside the strip center provided and the opportunity to increase their yield through the immediate sale of the CVS Pharmacy to a California based 1031 Exchange Buyer,“ said Fosberg.
The Seller on the initial sale was represented by John Reva and Mathew Berres with JLL and the Buyer for the CVS was represented by Mike Foster with Foster & Company.