SRS Real Estate Partners has completed the $7.85 million sale of a 13,040-square-foot property occupied by CVS Pharmacy. The property was built in 1930 and is situated on .15 acres at 209 South State Street in Ann Arbor, Michigan, and is adjacent to the University of Michigan. The property garnered a strong price per square foot of $602.

SRS SVP John Redfield represented the seller, a Northern California-based private investor. SRS VPs Michael Carter and Frank Rogers represented the buyer, a Michigan-based investment company.

The CVS had Credit Tenant Lease “zero cash flow” financing that was paid off at closing. “Through our national and local campaigning efforts, we sourced a 1031 exchange buyer who was seeking security close to home. Having more than 14 years remaining on an absolute triple net lease, this asset made it a very attractive investment for the investor’s portfolio,” said Rogers.