The sale of a CVS store, a 10,125-square-foot triple-net lease property with a new 18-year lease, was arranged at 1799 DeKalb Pike in Blue Bell, PA. The asset sold for $6.8 million at a 5.4% cap rate.
The seller was a private developer that built the store in 1999 and had owned it ever since.
“This transaction shows the strength of the tenant and the location..The buyer was in a 1031 exchange and paid full price for the asset, because they understood the value of the property and this location.”
The CVS is a drive-through location with 47 parking spaces, situated on a major retail corridor running between East Norriton to Montgomeryville.
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