Hanley Investment Group Completes Sale of Single-Tenant CVS/pharmacy for $3.35 Million
Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Jeremy McChesney has completed the sale of a single-tenant CVS/pharmacy with a drive-thru at 9407 E. Park Avenue in Houma, the largest city in Terrebonne Parish, Louisiana. The purchase price was $3,350,000.
The buyer, a private investor from Miami, Florida, was represented by Jason Powell and Max Van Dresser of Stan Johnson Co. of Atlanta, Georgia. McChesney represented the seller, a private investor from Clearwater, Florida. McChesney notes that this is the third property that Hanley Investment Group has sold for the seller this year.
Built in 1997, the 10,909-square-foot single-tenant building occupied by CVS/pharmacy sits on 1.58 acres at the signalized intersection of Park Avenue and Prospect Boulevard with traffic counts exceeding 45,000 cars per day and 62,869 people within five miles of the property. Tenants in the immediate trade area include Winn Dixie, McDonald’s, Chase Bank, Subway, Enterprise Rent-A-Car and Walgreens.
According to McChesney, CVS has a 20-year operating history at this location, which speaks to the success of the store and the strength of the location. CVS recently exercised their first five-year option showing a commitment to the location.
Hanley Investment Group managed a competitive bid process and procured multiple all-cash offers, according to McChesney. “Through the managed bid process, we were able to achieve a closing price that was $50,000 above the list price,” McChesney explained. “The buyer recognized the strong fundamentals of the location and paid an aggressive price to help satisfy their 1031 exchange.”
McChesney added, “The CVS lease is an absolute triple-net lease, which is highly favored by investors as this type of lease requires little to no landlord responsibilities, thus offering a passive income stream.”