Phoenix, Ariz. – SRS Real Estate Partners’ National Net Lease Group has completed the $4.49 million sale of a single-tenant 13,186-square-foot freestanding property fully occupied by CVS Pharmacy in Prescott, AZ. Built in 2015, the property is located on 1.96 acres at 901 Willow Lake Road. The absolute triple-net leased asset is corporate guaranteed by CVS Heath Corporation with 22 years remaining. The transaction is also significant as it closed at a 4.85 percent cap rate which is the lowest for a drug store property sold in Arizona over the past 34 months per CoStar.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based private investor. The all-cash buyer Valencia Property was represented by Gulf Stream Capital Ventures, LLC and was sourced after just a few days after the property was listed for sale.
“Prescott is in the path of progress for the greater Phoenix area which is one of the fastest growing regions in the nation,” said Luther. “This property provides the buyer with a long term cash flowing asset with a top pharmacy retailer that is merging with Aetna, Inc. which will further increase sales and services over the coming years.”
The property includes a drive-thru is situated at the signalized intersection of Willow Lake Road and Willow Creek Road. It is located near McDonald’s, Starbucks, Chase Bank, and Wells Fargo, among others. Additionally, it is located four miles south of Ernest A. Love Field Airport and is one mile south of Embry-Riddle Aeronautical University.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.