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Atlanta & Southeast  + Carolinas  + Retail  | 
SRS Real Estate Partners has completed the $1.6-million sale of single-tenant retail property occupied by CVS in Myrtle Beach, SC.

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.”

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SRS Real Estate Partners’ Strome

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition