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Commericial Real Estate Sponsor goes to Vegas

Capital Square Realty Advisors, LLC announced yesterday that an affiliate has purchased a CVS located on the Las Vegas strip at 2700 South Las Vegas Boulevard.

The 14,378-square-foot CVS retail facility is on the ground floor of Sky Las Vegas, a 45-story condominium. The Clark County Recorder’s office shows that the property was sold by Sky Las Vegas Condominiums, Inc. and has a value of $33,275,000. According to Yogi Singh, vice president of acquisitions, “Capital Square placed highly accretive debt on the property based on the credit of the tenant, CVS Caremark Corporation.”

Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors, commented, “This retail facility is 100 percent net leased on a long-term basis to a CVS entity and guaranteed by CVS Caremark Corporation, the largest provider of prescriptions and related healthcare services in the U.S. with an annual revenue base approaching $100 billion per year. The facility also benefits from a strategic location on the rapidly-developing north end of the Las Vegas Strip.”

The property is in close proximity to new and developing resorts, such as the SLS Las Vegas and Resorts World Las Vegas.

A member of the Capital Square Holdings family of companies, Capital Square Realty Advisors creates and manages commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure.