May 17, 2021 – Brian Ahrens, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Tallahassee, Florida. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $8,204,000, a 4.65% Cap Rate.
CVS Pharmacy is located at 3035 Apalachee Parkway in Tallahassee, Florida. The stand-alone building was constructed in 2005 and contains 13,320 square feet, including a drive through. The corporate lease has 20 years remaining on an Absolute Triple-Net Lease with an additional five (5) 5-Year Renewal Options. This lease features rare 7.5% rent increases at the start of each option period. The property benefits from outstanding visibility and access and is well located at the signalized intersection of Apalachee Parkway (US Route 27) and Capital Circle SE (US Route 319), providing a “Main and Main” location for area residents. The property enjoys outstanding traffic counts along both thoroughfares and is surrounded by numerous national retailers, further driving traffic to the immediate area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.