Torrance, CA – January 10, 2012 – (RealEstateRama) — Lee & Associates, the nation’s largest broker owned commercial brokerage firm, has closed on the $6.5 million sale of a 14,641-square-foot retail property leased by CVS Pharmacy, located at 10522 Spring Green Blvd in Katy, Texas.
Jim Casale, CCIM, a principal in the Lee San Diego office represented the buyers, a private family trust. The seller, Cinco Verde Retail Partners, LLC, was represented by Jim DeFalco of Jim DeFalco, Inc.
“This brand new drugstore is a prime investment offering long term security for my clients,” said Casale. “Although this was an off-market deal, we competed with multiple offers and presented a comprehensive package showing my client’s expertise and our ability to close quickly on an all-cash basis. That ultimately won us the deal. Demand for high-credit, net-leased investments continues to be very high on a national basis.”
The CVS store was constructed in 2011 and is located in the master-planned community of Cinco Ranch, a high quality 7,400-acre community in Katy, Texas just 12 miles from Houston. CVS has a lease on the building until 2036 with multiple options.
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.