SAN FRANCISCO, CA
AT A GLANCE
- San Francisco trophy real estate, legacy asset. Over 411,000 people with 3 miles.
CVS credit, BBB+.
New 2017 construction with new 15 year lease term.
Pre-sale. The property was still under construction at the time of sale.
Environmental issues, converted VW dealership to CVS Drug Store.
Aggressive pricing, 3.05% cap and$1,073 per square foot.
Targeted market Califronia 1031 exchange buyer through Faris Lee exchange database.
Targted market Asian buyers through Faris lee foreign buyer database.
Positioned as legacy asset, trophy real estate.
Record sale price, cose 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.