Ground leased CVS in Charlottesville sells for $6.9 million

Published August 21, 2017 by Paula C. Squires

The ground lease for a brand new CVS pharmacy in Charlottesville has fetched $6.95 million in a sale transaction reported by Cushman & Wakefield | Thalhimer’s Capital Markets Group.

The firm represented Riverbend Development in the disposition of a CVS ground lease at 1700 Seminole Trail.

The asset was acquired as part of a 1031 exchange by Quality Properties GP. According to Thalhimer, the transaction was closed with all cash within 45 days of contract execution.

Catharine Spangler of Thalhimer’s Richmond handled sale negotiations while John Pritzlaff of Thalhimer’s Charlottesville office assisted in the sale.