CVS PHARMACY
SAN FRANCISCO, CA
$16,800,000
AT A GLANCE
San Francisco trophy real estate, legacy asset. Over 411,000 people within 3 miles
CVS credit, BBB+
New 2017 construction with new 15 year lease term
CHALLENGES
Pre-sale. The property was still under construction at the time of sale
Environmental issues, converted VW dealership converted to CVS Drug Store
Aggressive pricing, 3.05% cap and $1,073 per square foot
MARKETING STRATEGY
Targeted market California 1031 exchange buyer through Faris Lee exchange database
Targeted market Asian buyers through Faris Lee foreign buyer database
Positioned as legacy asset, trophy real estate
RESULTS
Record sale price, closed all-cash at the lowest cap rate ever over $15M for CVS, 4.0% cap rate
Closed with 1031 exchange hotel group from the bay area
Closed at $938 per square foot