The CVS Pharmacy at 10650 N Oracle Road in Oro Valley was sold in an investment sale to Phoenix-based American Realty Capital Properties, Inc. (ARCP) for $4.95 million ($367 PSF). The 13,485-square-foot building (built 2014) on 2.37 acres is located at the southeast corner of Oracle and First in the newly constructed San Dorado Center. The CVS opened in April, 2014.
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 who bought the PAD for $1.35 million in August 2013. Armstrong Development, the builder for CVS Pharmacy in Arizona handled the construction.
This is ARCP’s second CVS Pharmacy acquisition in Tucson, the other being at 6310 E Broadway in Tucson was purchased by ACRP in August for $5.45 million. See our Aug. 22, 2014 article ARCP Buys CVS Pharmacy at Broadway & Wilmot for $5.45 Million
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[mepr-show rules="58038"]Sale date: 9/9/2014. Down payment: $588,492 with balance financed conventionally. There were no brokers involved in the transaction. Property was marketed at a 6% cap rate. APN: 220-09-1130[mepr-show rules="58038"]