Divaris Brokers NNN Sale of CVS Pharmacy at 6.76% Cap Rate

Posted on June 05, 2013  /  in News Releases  /  No Comments

Richmond, Virginia: Michael B. Divaris, President of Divaris Real Estate, Inc. (DRE) announced that the CVS Pharmacy located at 12935 Booker T Washington Highway in Hardy, Virginia, was sold to American Realty Capital, LLC at a 6.76 percent cap rate, with approximately 17 years remaining on its triple net lease. Brett McNamee, senior vice president of the Richmond office of DRE, handled the sale on behalf of the seller, a partnership being represented as part of the estate of a private investor.

The property is a freestanding, 10,800 square foot retail building on 1.78 acres in the southwest Virginia town of Hardy, in Franklin County. The site is directly across from the trade area’s largest and most prominent mixed-use development, Westlake Towne Center at Smith Mountain Lake.

American Realty Capital (“ARC”) is a full-service investment advisory firm sponsoring investment programs with an emphasis on publicly registered non-traded real estate offerings.  As one of the nation’s largest triple-net investment purchasers, their portfolios are diversified across geography, tenancy, lease duration, financing terms, and credit types.

McNamee is also marketing another triple net leased CVS and a freestanding grocery store in Richmond, Virginia’s Tobacco Row District.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC and Rockville, MD.  Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 30 million square feet of prime retail, office and industrial space from New Jersey to Florida.

Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the U.S.   DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates across the country. These organizations represent corporate and institutional clients, tenants and buyers in all aspects for leasing, development and managing properties, acquisition and land sales. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.

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