The seller, a Dallas-based investment group, was able to negotiate a new 20-year lease with CVS. The buyer, a private investor from New York City, purchased the property as part of a 1031 exchange. Quantum SVP Dan Waszak represented the buyer.
“This was the first acquisition in a multi-property 1031 exchange for the purchaser,” said Waszak. “He was able to acquire a well-located, high-quality asset for his portfolio that he will hold for the long-term. This acquisition is yet another example of the resiliency of the net-lease sector, especially the ‘essential needs’ retailers.”