Heath, TX/Sandy, UT – Lee & Associates, one of the largest national commercial real estate firms, has completed the nearly $12.3 million investment sale of a 2-property CVS portfolio in Heath, TX (Dallas MSA) and Sandy, UT (Salt Lake City MSA).
Both CVS properties had 20+ years remaining on their absolute NNN leases and were originally developed as build to suit projects back in 2015. Each respective property was located on a signalized hard corner and adjacent to medical center facilities, offering excellent synergy and supporting the tenant’s success at both locations.
Barr & Bennett Net Leased Investment Group generated multiple offers that created a competitive bid scenario, ultimately resulting in the properties selling at over their asking price.
“Dallas and Salt Lake City are two markets among a handful of others nationwide, that are commanding big premiums from investors today”, said Bennett. “Investors want to buy in growth markets that are pro-business and more tax friendly.”
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the Seller in the transaction. The New York-based buyer was represented by Marcus & Millichap and purchased the property as part of a large 1031 Exchange.
Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, specializes in the acquisition and disposition of net leased assets nationwide.
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Lee & Associates is a commercial real estate brokerage, management, and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.