Los Angeles, CA (PRWEB) September 18, 2013
The Royston Group has completed the sale of two CVS Drug Stores located in Sacramento, California and Monterey Bay area of California. The aggregate purchase price for both properties was in excess of $7,200,000. The buildings were each 33,000 square feet and sit on 3 acres each. CVS had initially signed 22 year triple net leases on the properties and had 9 years left with options to renew.
Greg Cortese represented the buyer in the transaction. The buyer purchased the property due to the site’s strong retail location, existing assumable financing and below market rents.
“CVS does really well at both these locations. The likelihood of CVS renewing at these locations is really high. The intrinsic value of the real estate mitigates the risk for the investor.” said Cortese
Greg Cortese, President of The Royston Group and Rob Sutton, Vice President specialize in the sale of single tenant net lease properties.
The Royston Group is a privately held commercial real estate investment firm, founded in 1992. The company provides services for a multitude of net lease commercial property types including office, industrial, retail and medical. The firm has completed over $1.5 billion in real estate sales since its inception.