CVS/pharmacy Sells for Lowest Cap Rate in Nation

by Nate Hunter

Fresno, Calif. — The 11,800-square-foot building was sold for $5.2 million.

Fresno, Calif.  — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant CVS/pharmacy in Fresno for approximately $5.2 million. The sale represented a 5.25 percent capitalization rate, which is the lowest cap rate in the county, according to the company. The 11,800-square-foot, freestanding building was built in 2010 on 1.3 acres. Timothy Genske of Westlake Village, Calif.-based Cypress Retail Group represented the buyer, a private investor from Pasadena, Calif. Eric Wohl of Hanley Investment Group represented the seller, a private investment company in Newport Beach, Calif.

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