TERRE HAUTE, Indiana—March 5, 2015—A private California based 1031 investor has purchased a single tenant building, occupied by CVS Pharmacy for $3,740,000. The NNN ground leased building, located at 2440 Wabash Avenue in Terre Haute, Indiana, had more than 16 years left in its lease with CVS Pharmacy at the time of the sale.
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller in the transaction. The buyer was represented by Steven Bruce, with Cushman and Wakefield.
The buyer purchased the building in a 1031 tax deferred exchange with plans for a long term hold on the property. “The property was a perfect fit for the buyer, who wanted a hands-off, long term, absolute triple net lease property with the safety of investment grade credit”, said Ryan Bennett of Lee & Associates-North San Diego County. “The Seller chose to take advantage of the heated net leased sector and we were able to achieve a premium cap rate of 4.5% for the property” In the end, the transaction benefitted both parties involved.”
Barr & Bennett Net Leased Investments, of Lee & Associates-North San Diego, specialize in the acquisition and disposition of single tenant net leased assets nationwide.