{"id":1004142072,"date":"2016-04-20T02:26:39","date_gmt":"2016-04-20T10:26:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142072"},"modified":"2020-05-08T00:55:12","modified_gmt":"2020-05-08T08:55:12","slug":"philadelphia-cvs-pharmacy-purchased-in-1031-exchange","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\/","title":{"rendered":"Philadelphia CVS Pharmacy Purchased in 1031 Exchange"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Philadelphia<\/strong>\u2013Greysteel<\/a>, a Washington, D.C. based real estate investment services firm, has arranged the sale of a CVS Pharmacy in Greater Philadelphia<\/a>. Henry Schuldinger, investment associate with the firm\u2019s Mid-Atlantic retail investment sales<\/a> team, served as exclusive advisor and agent to the buyer.<\/p>\n

\"Henry<\/a>

Henry Schuldinger of Greysteel<\/p><\/div>\n

The property is located in the Holmesburg neighborhood in northeast Philadelphia, just 15 miles from Center City. The facility, which was built in 1999, is currently occupied by CVS under a double net lease. Before the end of the primary term of the original lease, CVS entered into a lease extension creating a lease term that continues through 2036 with additional options.<\/p>\n

\u201cOur client was in a 1031 exchange and looking for a stable long-term pharmacy tenanted investment at the same time that Walgreens announced its merger with Rite Aid, which created some uncertainty in the pharmacy space for those brands,\u201d Schuldinger said in prepared remarks. \u201cWe were pleased to find a CVS, within a reasonable distance from Washington, D.C., that both demonstrated a long-term commitment to its location with an early lease extension and also had at least 20 plus years of lease term remaining.\u201d<\/p>\n

Image courtesy of Greysteel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A CVS Pharmacy located in the Holmesburg neighborhood in northeast Philadelphia has changed ownership in a tax deferred transaction brokered by Greysteel. <\/p>\n","protected":false},"author":260,"featured_media":1004142074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,1494,21749],"tags":[],"class_list":["post-1004142072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-northeast","category-philadelphia","category-retail"],"acf":[],"yoast_head":"\nPhiladelphia CVS Pharmacy Purchased in 1031 Exchange - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia CVS Pharmacy Purchased in 1031 Exchange\" \/>\n<meta property=\"og:description\" content=\"A CVS Pharmacy located in the Holmesburg neighborhood in northeast Philadelphia has changed ownership in a tax deferred transaction brokered by Greysteel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-20T10:26:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-08T08:55:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/CVS-Pharmacy-Holmesburg-Philadelphia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"950\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Philadelphia CVS Pharmacy Purchased in 1031 Exchange\",\"datePublished\":\"2016-04-20T10:26:39+00:00\",\"dateModified\":\"2020-05-08T08:55:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/\"},\"wordCount\":213,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/04\\\/CVS-Pharmacy-Holmesburg-Philadelphia.jpg\",\"articleSection\":[\"Deals\",\"News\",\"Northeast\",\"Philadelphia\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-cvs-pharmacy-purchased-in-1031-exchange\\\/\",\"name\":\"Philadelphia CVS Pharmacy Purchased in 1031 Exchange - 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