SRS Real Estate Partners has completed the $7.85 million sale of a 13,040-square-foot property occupied by CVS Pharmacy in Ann Arbor, Michigan. Located on .15 acres at 209 South State Street and adjacent to the University of Michigan, this 1930 built property achieved an impressive price per square foot of $602.
John Redfield SVP at SRS represented the seller – a Northern California based private investor – while VPs Michael Carter and Frank Rogers represented the buyer; a Michigan based investment company. The CVS had Credit Tenant Lease “zero cash flow” financing that was paid off at closing time.
Frank Rogers commented: “Through our national and local campaigning efforts we sourced a 1031 exchange buyer who was seeking security close to home with more than 14 years remaining on an absolute triple net lease making it very attractive for their portfolio.”
