Stan Johnson Company Completes Sale of CVS Pharmacy in Newburgh, New York for $4.8 Million
New York, New York, January 24, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a freestanding CVS Pharmacy located at 203 South Plank Road in Newburgh, New York.
The 13,600-square-foot single-tenant retail building is newly constructed with a triple net lease in place. Stan Johnson Company’s David Bailey represented the seller, a private New York family office. The property was purchased by a 1031 exchange buyer for $4.8 million in mid-January.
“Given the rare lease terms with CVS Pharmacy and the property’s location within the New York City MSA, we had a number of full-price offers from buyers around the country which created a perfect bidding environment,” said David Bailey, Associate Director in Stan Johnson Company’s New York office. “The result was a confidential record-setting cap rate in the state of New York for CVS.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.