Consolidated Tomoka Sells CVS in Downtown Dallas

2501 N. Field St. Image via Google Street View

Consolidated Tomoka has sold a 10,430-square-foot CVS Pharmacy in downtown Dallas. Marcus & Millichap represented the seller and procured the buyer, a Florida-based 1031 exchange investor.

Delivered in 2016, the property is immediately adjacent to three residential high-rises. Located at 2501 N. Field St., the pharmacy is less than 4 miles away from Children’s Medical Center Dallas. There are more than $1.5 billion square feet of commercial projects under construction, planned or finalized within a 1-mile radius of the site.

Marcus & Millichap’s Executive Managing Director, Investments, Alvin Mansour and Kevin Mansour assisted the seller. Senior Managing Directors Ronnie Issenberg and Gabriel Britti procured the buyer. According to Issenberg, strong credit-backed single-tenant net-lease retail assets have historically demonstrated resiliency through economic turbulence.

Recently, Alvin Mansour and Kevin Mansour represented the seller of a downtown San Diego retail condo property occupied by an Albertsons grocery store. The nearly 43,000-square-foot building changed hands for more than $20 million.