August 7, 2018 | By: Marcus & Millichap
Marcus and Millichap and Remer Radcliff close a rare urban infill CVS ground lease in Los Angeles, California for a record breaking 3.84% cap rate the lowest reported cap rate for a CVS in the country. Paul Bitonti First Vice President of Marcus and Millichap and Robert Remer, President of Remer Radcliff exclusively represented the seller a family trust and sold the property to a 1031 exchange buyer. The real estate was a favorable long term 25 year ground lease. The property was unique and one of the last freestanding single tenant retail developments near downtown and Koreatown due to the surge in land prices for apartments and mixed-use developments which has become “highest and best use” for land development in the last few years.
