Cassidy Turley reports that Mountain Villas, LLC, has purchased the 13,813 square foot CVS Pharmacy located at 28138 N. Tatum Blvd. in Cave Creek, AZ (85331) for $6.75 million.
Michael Campbell and Ed Colson Jr., CCIM,of Cassidy Turley’s San Diego office represented Mountain Villas LLC. John Wertz of Colliers International represented the seller, Charles W. Hostler Trust.
“We worked tirelessly with our client to satisfy his 1031 exchange and accomplish his investment goals. We looked at a wide variety of potential deals,including those with credit and non-credit tenants, as well as a variety of geographies and product types.” said Mr. Colson. “At the end of the day we were able to narrow the search to a property that fits our client’s risk threshold. With this acquisition, he can also drive to see his new investment anytime.”
The free-standing CVS Pharmacy building, with drive-thru, is ideally located at the signalized intersection of N. Tatum Blvd and E Dynamite Blvd, CVS has been successfully operating at the site since it was built in 2005 under a long-term triple net (NNN) lease.