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Category: Net Lease Retail Tags: Chad Kurz, CVS, CVS property, Preston Schwartz
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Property Closed at an Aggressive Cap Rate of 5.04%

 

Virginia Beach, VA— Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the sale of a CVS property located at 1701 Independence Boulevard, Virginia Beach, VA. The property sold for $10,551,847 at an aggressive cap rate of 5.04 percent. Associate Preston Schwartz and Executive Vice President Chad Kurz represented the seller in the transaction.

 

The seller, a Matthews™ private client, was motivated to take advantage of the high pricing in the current market. The buyer was looking to complete a large exchange transaction. This CVS was the upleg that completed the exchange. The buyer was represented by Jason Maier of Stan Johnson.

 

“We negotiated an aggressive cap rate for a 12-year CVS deal,” Schwartz said. “We beat the market right as it was turning to get a great deal for our client.”

 

The CVS building spans 13,225 square feet and is in proximity to several retailers. The property has high accessibility and vehicle traffic as it’s directly off Major Highway US-13. CVS has a little over 12 years remaining on the lease, backed by a corporate guarantee.

 

“Using the Matthews’ marketing platform, we were able to get this deal in front of the right buyers and close at the right time,” Kurz said. “We worked through any issues during the closing process to ensure both parties were satisfied with the results.”

 

For more information, or to contact Preston Schwartz and Chad Kurz, please visit www.matthews.com.

 

 

 

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the United States, continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

 

 

 

 

PRESS CONTACT
Kaylee Stock
(701) 429-7462
[email protected]

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