Heath, TX/Sandy, UT – Lee & Associates, one of the largest national commercial real estate firms, has completed the nearly $12.3 million investment sale of a 2-property CVS portfolio in Heath, TX (Dallas MSA) and Sandy, UT (Salt Lake City MSA).
Both CVS properties had 20+ years remaining on their absolute NNN leases and were originally developed as build to suit projects back in 2015. Each respective property was located on a signalized hard corner and adjacent to medical center facilities, offering excellent synergy and supporting the tenant’s success at both locations.
NNN Investment Group generated multiple offers that created a competitive bid scenario, ultimately resulting in the properties selling at over their asking price.
“Dallas and Salt Lake City are two markets among a handful of others nationwide, that are commanding big premiums from investors today”, said Bennett. “Investors want to buy in growth markets that are pro-business and more tax friendly.”
Ryan Barr and Ryan Bennett of Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, represented the Seller in the transaction. The New York-based buyer purchased the property as part of a large 1031 Exchange.
