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February 25, 2024
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Trio of CVS Sales Total to $17 Mil


Three newly constructed, single-tenant properties NNN-leased by CVS Pharmacy sold in separate transactions totaling $17 mil. The properties are located in Conroe and Buda, TX, and in New Orleans.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the single seller in the three transactions, a Connecticut-based national developer for CVS Pharmacy properties. Each property was acquired by a different private buyer. The properties include:

• Conroe, TX (near Houston): The asset totals 14.6k sf and is situated on 3.51 acres at Highway 242 and Harpers Trace. It sold at a 4.9 percent cap rate.
• Buda, TX: The property totals 15.3k sf and is situated on 2.67 acres at the southwest corner of FM 967 and FM 1626. It sold at a 4.85 percent cap rate.
• New Orleans, LA: The property totals 13.6k sf and is situated on 1.32 acres at 1600 Elysian Fields Ave. The property sold at a record $801 PSF.

“The two properties located in Texas were notable transactions as they sold for the lowest cap rates on record for CVS-leased assets in Texas per CoStar records,” noted Mousavi. “Additionally, these were pre-sales whereby Faris Lee was able to procure private buyers willing to close escrow prior to the tenant opening for business.”

The New Orleans property is located less than one-mile from the French Quarter, within the most densely populated regions of Louisiana. According to Faris Lee, the property generated 15 qualified offers from a range of buyer types.

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