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Private Investor Scoops Up CVS Pharmacy

HAVERHILL, MA-Single-tenant, net-leased properties have become popular as secure investments for capital, notes the broker.

By Ryan Clark | Updated on July 29, 2010

HAVERHILL, MA-A CVS Pharmacy at 150 Lafayette Sq. here has found a new owner. A private investor secured funds from People’s United Bank for a portion of the $6.47-million purchase price. The deal came to $541 per square foot at a cap rate of 7.7%.

CVS has 23 years left remaining on a 25-year NNN lease for the stand-alone 11,970 square feet. Part of its lease, which began May 5, 2008, involves six individual five-year renewal options, as well as rent escalations in the base averaging 2% every five years. The rental break-down comes to roughly $3.46 per square foot for the first five years. Sitting on a 51,082-square-foot lot, the tenant is BBB+ rated by Standard & Poor’s and has been the only tenant in the space since its inception.

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