Faris Lee Completes Sales of Three Properties Occupied by CVS Totaling $17 Million

by Scott Reid

Irvine, Calif. — Faris Lee Investments has completed the sales of three newly constructed, single-tenant properties triple-net leased by CVS Pharmacy. The transactions were sold for a total of $17 million.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the single seller in the three transactions, a Connecticut-based national developer for CVS Pharmacy properties. Each property was acquired by a different private buyer. The properties include Conroe, Texas, near Houston, totaling 14,600 square feet and sold at a 4.9 percent cap rate; Buda, Texas, totaling 15,300 square feet and sold at a 4.85 percent cap rate; and New Orleans, Louisiana, totaling 13,600 square feet and sold at $801 per square foot.

The New Orleans site is less than one mile from the French Quarter.

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