Marcus & Millichap brokered the sale of a 10,430-square-foot CVS in downtown Dallas. Terms of the deal were not disclosed.
“This is an irreplaceable location in Downtown Dallas with a long-term credit net lease. A win-win on all fronts,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “The trophy generational asset is set on almost a full acre between the Harwood District and Victory Park, adjacent to the American Airlines Center.”
Alvin Mansour and Kevin Mansour represented the seller, Consolidated Tomoka. Ronnie Issenberg and Gabriel Britti, senior managing directors, The Issenberg Britti Group of Marcus & Millichap in Miami procured the buyer, a Florida-based 1031 trade buyer.
“Strong credit-backed, single-tenant, net-lease retail assets, especially the highest-quality properties in the best metros, have historically demonstrated their resiliency through economic turbulence and we fully expect that trend to continue,” said Issenberg.
“Income tax-free states continue to be the optimal choice for net-lease investors,” said Britti. “With inventory dwindling in Florida due to extremely high demand, our typical ‘Florida-only’ clients are looking to other income tax-free states for their 1031 needs. We are seeing a lot of capital move between these states.”
Built in 2016, the property is immediately adjacent to three residential high-rises. There is over 1.5 billion square feet of commercial projects under construction, planned or finalized within a one-mile radius of the site, including The Union, a new 800,000-plus-square-foot office and retail development. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas.