Coral Springs, FL – January 11, 2016 – CBRE arranged the sale of a single-tenant retail property leased to CVS. The buyer, 144 E 24th Street Corp., purchased the property at 10425 W. Sample Road in Coral Springs for $6.3 million from CPAC Coral Springs LLC, which hired CBRE to market the asset for sale and negotiate the transaction.
The sale included a 2.5-acre parcel located at the northeast corner of Sample Road and Coral Springs Drive, a prime intersection in northwestern Broward County. The parcel is subject to a 25-year triple-net ground lease with CVS. The newly constructed 12,430-square-foot pharmacy with drive-thru lanes opened for business in November 2015.
“This newly constructed CVS is extremely well positioned on heavily traveled Sample Road, bordering the western edge of the planned redevelopment of the Coral Springs Downton District,” said David Donnellan, Senior Vice President with CBRE.
“CVS continues to be a highly sought-after single-tenant, net-leased investment. The low capitalization rate achieved for this deal is reflective of the strong demand that continues for investment-grade tenants on long-term leases,” added Mark Drazek, Senior Vice President with CBRE.
David Donnellan, Mark Drazek, and Todd Weintraub of CBRE managed the sale. Based in Fort Lauderdale and Miami, Donnellan and Weintraub are part of CBRE’s Investment Properties group focusing on the disposition of multi-tenant shopping centers and single-tenant net leased investments in South Florida. Drazek is based in Orlando and leads CBRE’s Florida Net Lease Property Group.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.