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.”