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SRS Brokers $2M Sale of Single-Tenant Occupied CVS in Myrtle Beach
SRS Real Estate Partners has completed the $1.6-million sale of an 11,000-square-foot single-tenant retail property with drive-through occupied by CVS in Myrtle Beach, SC.
At a closing cap rate of 3.35%, the transaction broke a national sales record for the lowest cap rate ever for a CVS-occupied asset, per CoStar records.
An SRS team of Sheree Strome and Michael Berk represented the seller while Keystone Commercial Realty represented the buyer; both were private investors.
“This asset had 12 years remaining on its corporate-guaranteed lease and provides the new ownership with a cash-flowing property and zero landlord responsibilities,” said Strome.
“We secured a number of offers on this asset with a bidding war that drove the final sale price more than $40,000 above the asking price,” added Berk. This is testimony not only to the strength of the local market but also to single-tenant assets with well-recognized long-term tenancy.”
- ◦Sale/Acquisition
