CVS Pharmacy - 1407 Lincolnway, La Porte, IN 46350
CVS Pharmacy with Absolute NNN Lease, 15 Years
Sold: $5,200,000
Property Highlights
Absolute NNN leased CVS Pharmacy in growing market
15 years remaining on lease
Sold to 1031 exchange client at 5.42% Cap Rate
Corporate guarantee by CVS Pharmacy, Inc. with over 9,800 locations in the US
Dedicated drive-thru pharmacy and HealthHub
Across the street from new built 200K SF regional hospital
The Deal Story
The Glaser Group, in conjunction with Joe Nelson of Matthews Real Estate, is pleased to announce the successful closing of a CVS Pharmacy in La Porte, IN for $5,200,000 (5.42% Cap Rate). We represented a 1031 exchange client in the acquisition of this absolute triple-net (NNN) asset. Our client was a long-term Los Angeles multifamily owner, looking to remove himself from the demanding day-to-day management that comes with owning residential income properties. After selling his LA property for top of market pricing, we were able to identify and close on this fantastic NNN opportunity, all before his 1031 Identification Period expired. Our client is on track to achieve an almost 30% increase in annual cash flow from this exchange.
This CVS property features a brand new 15-year absolute NNN corporate lease with zero landlord responsibilities. This 24hr location offers a HealthHub, MinuteClinic and Drive-thru pharmacy, and its strong performance was an indicator reinforcing CVS's commitment to the site. The property sits directly across the street from Northwest Health La Porte, a newly built 200,000 SF regional hospital, which recently completed an additional 40,000 SF expansion. With strong store sales, a recent lease extension, strong local demographics & traffic counts along with a strategic location across from a new 227-bed hospital, this CVS made for an ideal 1031 exchange upleg for our client.
The Glaser Group exclusively listed the buyer's down-leg portfolio of apartment buildings in prime LA locations and offered a full-service 1031 exchange experience from A-Z. We are looking forward to completing our clients remaining 1031 requirements over the coming months. If you are considering a similar 1031 exchange and would like to learn more, give us a call today.
