Stan Johnson Company Brokers Sale of CVS Pharmacy in Tulsa, Oklahoma Setting New Cap Rate Record

Feller-CVS

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant net lease CVS Pharmacy located at 2110 South Harvard Avenue in Tulsa, Oklahoma. The 13,225-square-foot freestanding property sold for $7.3 million reflecting a 5.25 percent cap rate. BJ Feller of locally based Stan Johnson Company represented the seller in the 1031 exchange sale. The property was acquired by a California-based institutional investor.

“This CVS sale represented a recognition of the strength of the Tulsa market and the high caliber nature of the property and the trade area,” said Feller, Managing Director and Partner. “In conjunction with the long duration lease term, the asset commanded a very aggressive cap rate which set a new record for CVS sales in Oklahoma.”

The property was originally built in 2011 and is situated on a 1.19-acre corner parcel. At the intersection of East 21st Street and South Harvard Avenue, the site is just 4.4 miles southeast of downtown Tulsa. Neighboring tenants include QuikTrip, Arby’s, Utica Park Clinic and local favorite, Brownie’s Hamburger Stand. The retail pharmacy is in close proximity to the University of Tulsa, Ascension St. John Medical Center, Hillcrest Medical Center and the upscale retail shopping center, Utica Square Mall.

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.