Rappaport acquires new CVS at Tysons Corner that broke records in net-lease industry.
It’s hard to believe that a staple property like a drugstore could cause so much excitement in the commercial real estate community, but that appears to be the case with the new CVS at Tysons Corner.
HFF (Holliday Fenoglio Fowler) said Monday that it arranged $18.5 million in financing for the McLean-based commercial real estate company Rappaport to acquire the newly constructed CVS, located at the corner of Leesburg Pike (Route 7) and Gallows Road, across from Tysons Corner Center.
It’s the same store that drew headlines earlier this month when the Calkain Cos. said it sold for $24.7 million in what was a record deal for the net-lease industry.
Reston-based Calkain said the one-acre property went for $1,915 per building square foot, a new high for the Washington, D.C. market for a net-lease transaction and the highest amount paid for a CVS in the country.
Net leases primarily focus on single-tenant, commercial properties occupied by tenants with long-term leases.
HFF said in a news release that it worked exclusively on behalf of Rappaport to secure a seven-year, fixed-rate loan through EagleBank. The HFF team representing the borrower was led by managing director Mark Remington.
The Rappaport Cos. provides a wide range of retail services including leasing, tenant representation, property and construction management, development, marketing, consulting and receivership services for retail space in shopping centers and mixed-use properties throughout Washington, D.C., area.
HFF has 22 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.