SRS Real Estate Partners has completed the $7.85 million sale of a 13,040-square-foot property occupied by CVS Pharmacy. The property was built in 1930 and is situated on .15 acres at 209 S. State St. in Ann Arbor, Michigan, and is adjacent to the University of Michigan.
The property garnered a strong price-per-square-foot of $602.
SRS Capital Markets Senior Vice President John Redfield represented the seller, a Northern California- based private investor. SRS Capital Markets Vice Presidents Michael Carter and Frank Rogers represented the buyer, a Michigan-based investment company.
The CVS had Credit Tenant Lease “zero cash flow” financing that was paid off at closing. Zero cash flow is a highly leveraged investment property that is structured so that the net operating income is equal to the loan payment, providing tax advantages.
