Recently Sold: CVS Pharmacy in Plantation, FL

At the beginning of September 2021, Ground + Space announced the sale of a CVS Pharmacy property in Plantation, Florida. Michael Zimmerman exclusively marketed the property on behalf of the seller, which received multiple offers and was sold to an all-cash buyer. This asset produced a superior cap rate (thanks in part to its extremely high rent-to-sales ratio) and featured a seven-day closing period.

Prime CVS Pharmacy Retail Asset

This corporate-guaranteed STNL asset has been in place at this location since 1996. The tenant recently exercised its second five-year option, signaling CVS’s long-term commitment to this site. The property boasts a drive-thru pharmacy—a sought-after feature due to COVID-19—and a MinuteClinic. Two options remain on the current lease, and there are no landlord responsibilities for ease of ownership.

Situated at the signalized intersection of West Broward Boulevard and North Job Hill Road, this CVS Pharmacy is across from Hawks Landing, one of South Florida’s premier luxury communities. Visitors to the site are also minutes from Westside Regional Medical Center and Westfield Broward, a shopping center anchored by Macy’s and Dillard’s.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: Chili’s in Miami, FL

Ground + Space today announced the sale of a Chili’s Bar & Grill property in Miami, Florida. Michael Zimmerman exclusively marketed the property, which generated multiple offers and was sold to an all-cash buyer. This corporate-guaranteed asset is a prime example of a stable, income-producing property that requires no landlord maintenance for ease of ownership.

Single-tenant, net-leased properties like this one continue to attract the most attention from investors. As the retail property market works to rebound from the difficulties of the COVID-19 pandemic, investors are targeting assets with minimal near-term risk. This Chili’s Bar & Grill Ground lease fit the bill perfectly, thanks to its scheduled rental increases, long-term lease and new construction.

This Chili’s Bar & Grill restaurant is new a newly constructed outparcel within Coral Reef commons, a new mixed-use development anchored by Walmart. At least 900 residential units are planned as part of the project’s multiple development phases, which will considerably increase foot and vehicle traffic to the site. The property sits at a highly visible corner site facing Southwest 152nd Street. Florida’s Turnpike—a major east-west thoroughfare—is less than one mile away. Visitors to the site have immediate access to Zoo Miami and the heart of downtown Miami just 20 miles away.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: CVS in Hagerstown, MD

Ground + Space recently announced the sale of a CVS Pharmacy property in Hagerstown, Maryland. Michael Zimmerman exclusively marketed the property, which received multiple offers. JRW Realty facilitated the all-cash acquisition of the net-leased property on behalf of ExchangeRight, a vertically integrated real estate company with over $3.8 billion in assets under management. This asset produced a superior cap rate and was sold within one percent (1%) of the original asking price.

This corporate-guaranteed STNL asset has been in place at this location since 1998. The tenant recently extended the NN lease for an additional 20 years, signaling a strong commitment to the site and the greater Hagerstown community. The property benefits from its position at a signalized intersection near two of the area’s major shopping destinations: Hagerstown Premium Outlets and Valley Mall.

In addition to its exceptional access and visibility, this CVS Pharmacy is located within one of the fastest-growing metropolitan areas in the United States. More than 96,000 people live within five miles of the property. The area includes a labor force of 400,000 highly-skilled workers at the crossroads of the Mid-Atlantic corridor.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!

About JRW Realty

JRW Realty is a commercial real estate brokerage firm that has closed over $2.7 billion in transactions across over 750 properties on behalf of its clients. JRW Realty’s team places special focus on due diligence, reviewing over 100 properties each week and only choosing to source for clients the best three to four percent (3-4%) according to their rigorous acquisition criteria. For more information, visit www.jrwrealty.com.

About ExchangeRight

ExchangeRight pursues its passion to empower people to be secure, free, and generous by providing REIT, fund, and 1031 DST portfolios that target secure capital, stable income, and strategic exits. The company strategically acquires and manages long-term, net-leased assets backed primarily by investment-grade corporations that successfully operate essential businesses in the necessity-based retail and healthcare industries. Please visit www.exchangeright.com for more information.


Just Sold: Wawa in Vero Beach, FL

Ground + Space today announced the sale of a new Wawa property in Vero Beach, Florida. Michael Zimmerman exclusively marketed the property, which sold for the full asking price to an all-cash 1031 buyer. This listing garnered multiple offers thanks to the property’s strong corporate tenant and Wawa’s status as an essential retailer.

Wawa convenience stores are one of the most sought-after net lease investments on the market today. Wawa sites offer investors long-term security and no maintenance or management responsibilities thanks to a Ground lease structure. Wawa convenience stores are located on prime real estate, typically at hard corner locations with great visibility and ingress/egress. This particular Wawa location has full access via Old Dixie Highway and additional exposure on three main roadways. Although the area surrounding the property is mostly zoned for industrial use, visitors have easy access to Vero Beach Regional Airport and Disney’s popular Vero Beach Resort.

Situated along Florida’s Treasure Coast, this newly constructed Wawa sits within Indian River County, Florida’s seventh-richest county by per capita income. The average annual household income within just three miles of the site is nearly $85,000. Additionally, the area immediately surrounding this Wawa has seen a population boom, growing an average of around 18 percent within a five-mile radius over the past decade.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!