NAI office negotiates $4.444 million purchase of CVS Pharmacy
PHOENIX, ARIZ. (July 25, 2017): The NAI Horizon investment sales team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the buyer in the $4.444 million acquisition of the CVS Pharmacy located at the NEC of Warner and Dobson roads in Chandler, Ariz.
The buyer is the Michael S. and Mary M. Cho Family Trust and was represented by NAI Horizon. The seller was Babytail III, LLC and was represented by Brad Richardson of Stan Johnson Company.
“After the successful sale of their Tempe mobile home park they owned for more than 40 years, we were able to assist our client in completing their 1031 exchange and acquire the CVS at Dobson and Warner,” Lloyd said.
“This was an ideal situation for our out-of-state client to 1031 exchange into a NNN leased, single-tenant retail investment,” Lloyd added.
A properly structured 1031 exchange allows an investor to sell a property, reinvest the proceeds in a new property, and defer all capital gain taxes.
“Our client’s 1031 exchange objective was to acquire a high-quality asset with limited downside risk,” Neville said. “Their acquisition of the CVS Pharmacy fulfilled their requirement. Our client has S&P BBB+ credit with CVS Health Corporation (NYSE: CVS). This helps ensure long-term stability for our client.”
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit: www.naiglobal.com.