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May 22, 2019
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CVS Pharmacy Property in Arizona Goes for $340/sf


A 13.2k sf, single-tenant freestanding property fully occupied by CVS Pharmacy in Prescott, AZ, sold for $4.49 mil ($340/sf). Built in 2015, the property is located on 1.96 acres at 901 Willow Lake Rd.

The property, situated at the signalized intersection of Willow Lake Rd and Willow Creek Rd, includes a drive-thru. It is located near McDonald’s, Starbucks, Chase Bank, and Wells Fargo, among others. Additionally, it is four miles south of Ernest A. Love Field Airport and is one mile south of Embry-Riddle Aeronautical University.

The absolute, NNN-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% cap rate, which is the lowest for a drug store property sold in Arizona over the past 34 months, according to CoStar.

Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group represented the seller, a Southern California-based private investor. The all-cash buyer, Valencia Property, was sourced just a few days after the property was listed for sale. They were represented by Gulf Stream Capital Ventures LLC.

“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.”

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