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8/07/17
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A 24.1k sf, freestanding retail property triple-net leased to CVS/Pharmacy in Norwalk was acquired by a 1031 exchange investor for $13.5 mil ($560/sf). The closing cap rate was 4.6%, the lowest cap rate for a CVS Pharmacy sale in 2017 nationwide, per CoStar records.
Situated on just under two acres of land at 11623 Rosecrans Ave, the property is within Norwalk Square, a retail center that includes O’Reilly Auto Parts and Cricket Wireless among others. It is well-located at the busy signalized intersection of Rosecrans and Pioneer Blvd, which sees more than 80,000 vehicles per day.
Nicholas Coo and Joseph Chichester with Faris Lee Investments represented the buyer, Nasa Norwalk Center Enterprises LLC, from south Orange County. Donald MacLellan, also with Faris Lee, represented the seller, WMG-CGI Norwalk LLC from Scottsdale, Ariz. Faris Lee was also able to secure 10-year, interest-only acquisition financing with a very low interest rate.
“This financing structure enabled us to meet the seller’s price expectations while at the same time increasing the buyer’s cash flow by more than 35 percent compared to the single-tenant property he traded out of,” noted Coo.
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