Plymouth Meeting, PA, February 26, 2020 – Equity Retail Brokers recently closed a single tenant net lease sale of a CVS in Yeadon, PA. Ken Yanni, Bri Barratt, and Ed Ginn of Equity represented the Seller in the transaction. The Purchaser was a fund based in California.
The subject property was an existing CVS location with a recently extended 10-year lease. The site benefited from the dense surrounding market, with over 2,025 apartment units within 1-mile and minimal pharmacy competition in the area.
The long-term lease extension proves CVS’s strong performance at the location and continued future commitment to operating at this location.
There was strong demand for this asset, as both private and institutional investors showed interest in the deal. The combination of the long-term lease, investment grade credit, and below market rents led to multiple offers resulting in a strong all-cash offer with a closing less than 30 days after contract signing.
For over 25 years, Equity Retail Brokers has been set aside from any brokerage, by having a laser focus in providing our clients with the highest price for their asset at the lowest transaction cost. While we strive to meet a client’s financial goals, we also pride ourselves on client-broker relationships that extend past the closing table.