Philadelphia CVS Pharmacy Purchased in 1031 Exchange
- Apr 20, 2016
Philadelphia–Greysteel, a Washington, D.C. based real estate investment services firm, has arranged the sale of a CVS Pharmacy in Greater Philadelphia. Henry Schuldinger, investment associate with the firm’s Mid-Atlantic retail investment sales team, served as exclusive advisor and agent to the buyer.
The property is located in the Holmesburg neighborhood in northeast Philadelphia, just 15 miles from Center City. The facility, which was built in 1999, is currently occupied by CVS under a double net lease. Before the end of the primary term of the original lease, CVS entered into a lease extension creating a lease term that continues through 2036 with additional options.
“Our client was in a 1031 exchange and looking for a stable long-term pharmacy tenanted investment at the same time that Walgreens announced its merger with Rite Aid, which created some uncertainty in the pharmacy space for those brands,” Schuldinger said in prepared remarks. “We were pleased to find a CVS, within a reasonable distance from Washington, D.C., that both demonstrated a long-term commitment to its location with an early lease extension and also had at least 20 plus years of lease term remaining.”
Image courtesy of Greysteel