September 30, 2013
Ackerman & Co Sells Ground-Leased CVS in Georgia
Atlanta, September 30, 2013 – Ackerman & Co. Vice President of Brokerage, Jason Powell, has arranged the sale of a CVS ground-leased property in Southeast Georgia. “This transaction demonstrates the continually strong demand for high quality single tenant retail assets,” he said.
The CVS property, located in Kingsland, Ga., sold for a 5.50% cap rate. The property, built in 2008, is on a 20-year ground lease and sold to an all-cash, 1031 exchange buyer within 30 days of contract execution. Powell represented the buyer, a N.J. based individual investor, in the transaction. Michael Yuras of Newmark Knight Frank Cornish & Carey represented the N.Y. based individual seller.
Ackerman & Co. continues to search for net-leased drugstore opportunities. This recent transaction marks the 11th net-leased CVS or Walgreens sold by the company in 2013.
– About Ackerman & Co. –
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 30 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.
For more information on Ackerman & Co., visit www.ackermanco.com