CVS

SAN FRANCISCO, CA

$17,000,000

CVS-San-Fran-2048-2

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.

CHALLENGES

  • 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.

MARKETING STRATEGY

  • 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.

RESULTS

  • 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.