NAI Northern California Represents $4.18M Sale of CVS Pharmacy in Sacramento
SACRAMENTO, CA - May 30, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $4.18 million sale of a CVS retail property in Sacramento.
Vice President, Mary Alam and Investment Advisor, David Olsen, represented both the seller and buyer in the absolute triple net transaction with a three-year lease term.
Located in the dense, high traffic Natomas area of Sacramento on 1587 W El Camino Avenue, the transaction of the 23,000 square foot CVS property reveals a profitable opportunity to the new buyer given that it is the only corporate drugstore within a three-mile radius.
Ms. Alam explained, “This transaction presented many challenges due to the ownership structure and zero cash flow terms. We are pleased to have been able to leverage our extensive experience to close this deal to meet our clients' goals and expectations.”
"Despite the challenges of this deal, we were able to achieve the best results for all parties, which is always our goal,” Mr. Olsen added. “Additionally, this represents NAI Northern California’s fourth NNN transaction in the Sacramento MSA in recent months, increasing our dominance in the Northern California retail market.”
Although a zero cash-flow deal, it is anticipated that the buyer may realize positive cash flow by year five assuming the absence of loan fees. The tenant has made major improvements to the property in the last five years and holds a steady track record of raking in strong store sales.
Some of the retailers’ nearby tenants include a variety of restaurants and cafés, banks and neighboring business parks of the Stone Creek Center between Highways I-5 and I-80.
About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.
NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
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