IRVINE, Calif., Sept. 27, 2012 (GLOBE NEWSWIRE) -- Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Eric P. Wohl represented the seller in the sale of a single-tenant CVS/pharmacy in Fresno, Calif. The purchase price was $5,240,000, representing a 5.25% capitalization rate.
Located at 4987 North Fresno Street in Fresno, Calif., the 11,800-square-foot freestanding building with double drive-thru is situated on a 1.27-acre parcel of land. The building was built in 2010. CVS/pharmacy is situated at the signalized intersection of Shaw Street and Fresno Street, which is located directly across the street from the newly remodeled Fashion Fair Mall. Totaling 956,296-square-feet, Fashion Fair Mall includes tenants such as: Anthropologie, Apple Store, BCBG, bebe, The Cheesecake Factory, Disney Store, Express, Fleming's Prime Steakhouse, Forever 21, JCPenney, LOFT, Macy's, Metropark, Sephora, Urban Outfitters and Z Gallerie.
"The sale of the Mission Village CVS represents the lowest capitalization rate for a single-tenant CVS Pharmacy in the nation for the last 4 years," said Eric P. Wohl, president of HIG NNN at Hanley Investment Group. "With the decrease in Walgreens' S &P credit rating to BBB, CVS should begin to command better cap rates and pricing with their BBB+ rating."
"This property is located on the best hard corner in Fresno with more than 80,000 cars per day at the intersection, the biggest regional mall in the trade area directly across the street, and Fresno State less than a mile away. The buyer recognized the strong fundamentals of the location and paid an aggressive price to help satisfy their 1031 exchange."
The buyer was a private investor from Pasadena, Calif. and was represented by Timothy A. Genske of Cypress Retail Group in Westlake Village, Calif. The seller was a private investment company in Newport Beach, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group's expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company's website at www.hanleyinvestment.com or call (949) 585-7610.
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