ARCP Buys CVS Pharmacy at Broadway & Wilmot for $5.45 Million

6310 E Broadway Blvd, Tucson
6310 E Broadway Blvd, Tucson

The CVS Pharmacy at 6310 E Broadway in Tucson has sold in an investment sale to Phoenix-based American Realty Capital Properties, Inc.(ARCP) for $5.45 million ($374 PSF). The 14,576-square-foot building (built 2013) on 2.3 acres is located at the southeast corner of Broadway and Wilmot with a drive-thru. The CVS opened October, 2013.

ARCP is a leading, self-managed commercial real estate investment trust (“REIT”) focused on investing in single tenant freestanding commercial properties subject to net leases with high credit quality tenants. ARCP owns approximately 4,400 properties totaling 99.1 million square feet of leasable space. Additionally, ARCP sponsors non-traded REITs through its wholly owned private capital management business and direct investment wholesale broker dealer, Cole Capital®. In total, ARCP manages nearly $30 billion of high-quality real estate located in 49 states, as well Washington D.C., Puerto Rico and Canada. ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global Select Market (NASDAQ: ARCP).

The seller was German Dobson CVS, LLC of Woonsocket, Rhode Island. Also Thursday, American Realty Capital Properties, Inc. announced that, pursuant to the prior authorization of its board of directors, ARCP has declared an annualized common stock dividend of $1.00 per share to be paid monthly to holders of common stock of record at the close of business on the 8th day of each month, payable on the 15th day of such month. Accordingly, on September 15, 2014, ARCP will pay a distribution of $0.0833333 per share to holders of common stock of record at the close of business on September 8, 2014.

Additionally, ARCP will pay a monthly dividend to holders of its 6.70% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series F Preferred Stock”), in respect of the period commencing August 15, 2014 through September 14, 2014, on September 15, 2014. Holders of Series F Preferred Stock on September 1, 2014 will be eligible to receive such dividend. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.

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[mepr-show rules=”58038″]Sale date: 8/5/2014. Down payment: $623,664 with balance financed conventionally. There were no brokers involved in the transaction. Property was marketed at a 6% cap rate. Property has 84 parking spaces. APN: 134-23-411A[/mepr-show]