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Press Release

Calkain Urban Advisors Bring Trophy $17.5M Washington, DC Neighborhood CVS to Market

3323 and 3325-3329 Connecticut Ave, NW are offered for sale fully leased and guaranteed by CVS

Herndon, VA – Calkain’s Jonathan Hipp, President and CEO, and Rick Fernandez, Senior Managing Director, will be bringing to market 3323 and 3325-3329 Connecticut Avenue, NW providing an exceptional opportunity to acquire 8,754 square feet of rock solid, street level, trophy Washington, DC real estate along the core retail block of the highly affluent Cleveland Park neighborhood.

“This location has been in continuous operation as the neighborhood drug store since the 1950’s. Originally a Peoples Drug Store, CVS took over the space when it acquired Peoples Drug and renovated and expanded into the adjacent space at 3323 Connecticut Avenue in 2006-2007.  The property underwent a complete store renovation again in 2010,” stated Fernandez.

Hipp added, “The true landlord friendly NNN lease provides a minimum of 3% annual rent increases. CVS is directly facing the densely populated and heavily trafficked Connecticut Avenue with ideal access to the Cleveland Park Metro Station and commuters who pass the property on their way to and from work.”

Fee simple interest in the property will be offered for sale with an average cap rate of 5.64% over nine years.  Please contact Rick Fernandez, rfernandez@calkain.com or Jonathan Hipp, jhipp@calkain.com to sign a confidentiality agreement and receive the details of the offering.

Calkain Companies is a commercial real estate brokerage firm specializing in assisting buyers and sellers of single and multi-tenant net-leased properties.  Calkain delivers a global buying audience to a highly sought after, client focused platform that covers all aspects of the transaction including advisory, brokerage, asset management, capital markets and research. Additional information about the firm and listings may be found at calkain.com

Traci BidingerCalkain Urban Advisors Bring Trophy $17.5M Washington, DC Neighborhood CVS to Market

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