Calkain’s Hipp and Bogart Co-Broker the Sale of CVS Net Leased Asset in a 1031 Exchange
Herndon, VA – Calkain recently brought to market and sold the CVS net leased asset located at 7650 Port Capital Drive in Elkridge, MD. The newly built CVS opened in August and has a 25 year lease term with five, 5-year options. Jonathan Hipp, President and CEO of Calkain, represented the seller and achieved a $5.25M sales price with a 4.95% cap rate.
CVS is an investment grade tenant and when combined with the long term lease in a prime location, this sale was sure to garner quite a bit of interest from buyers. Hipp stated, “The developer worked on the zoning and entitlement issues for this site for ten years. The high level of attention this deal received was a result of not only the high barriers to entry, but the strength of the DC Metro area market.” He continued, “As a result, we were able to achieve multiple offers and select a buyer with the highest probability of closing at a rate we expected to achieve.”
“The buyer was looking for a high quality credit tenant, DC MSA location with 10+ years of term left. This newly constructed CVS in Elkridge fit the bill perfectly,” stated Jeff Bogart, Director at Calkain who represented the buyer. “As a 1031 Exchange, this was an ideal investment opportunity for my client.”
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at calkain.com.