Colliers International has arranged the $7.4 million sale of a fully leased retail property in Austin, Texas. Senior Vice President Jon Busse and Executive Vice President Volney Campbell represented the seller. Pegasus Investments Managing Directors Brad Kritzer and David Chasin assisted the buyer. The two parties, both private investors, closed the transaction through a 1031 exchange.
The 12,900-square-foot property is occupied by CVS, which has 13 years remaining on its 25-year lease. Located at 4001 W. William Cannon Drive, the asset is within a dense retail corridor, while Downtown Austin is 8 miles away. Shops at Arbor Trail is adjacent to the pharmacy and features a tenancy including Costco, Wells Fargo, Whole Foods, Capital One, Sprint and Marshalls, among others.
Last month, another Colliers International team brokered the sale of a single-tenant retail property in Hoquiam, Wash. The Rite Aid-leased asset sold for $7.5 million.