Fabio Faerman and Sebastian Faerman of FA Commercial just sold a triple-net (NNN) CVS Pharmacy in South Florida. The 13,038 square foot general retail building was sold for $4,650,000. The Faerman’s represented the buyer in the cash transaction.
The tenant, CVS Pharmacy, has a history of impressive sales at this location with a NOI of $233,895 and a cap rate of 5.03%. The building is located on a 1.44 acre lot, with 52 parking spaces and has the potential for redevelopment. Entrance to the lot is next to private communities and small office buildings. As a full-service drugstore, this is a strategic investment in the commercial real estate market in the midst of this global health crisis.
Some of the challenges of executing this deal included the coordination and negotiation with the seller to perform the site inspection and roof repairs during the time of this pandemic.
About FA Commercial
FA Commercial is a specialized team led by Fabio Faerman. The team focuses on investment sales, landlord representation and tenant representation. With a distinctive approach, we capitalize on opportunities and provide clients with strategies for their real estate properties. Fabio Faerman is the director of the commercial division at Fortune International Realty. He has been the top producer for Fortune 7 years in a row. Since 2002, FA Commercial has sold and leased over $1 billion in assets across South Florida.