Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant net lease CVS Pharmacy located at 2110 South Harvard Avenue in Tulsa, Oklahoma. The 13,225-square-foot freestanding property sold for $7.3 million reflecting a 5.25 percent cap rate. BJ Feller of locally based Northmarq represented the seller in the 1031 exchange sale. The property was acquired by a California-based institutional investor.
“This CVS sale represented a recognition of the strength of the Tulsa market and the high caliber nature of the property and the trade area,” said Feller, Managing Director and Partner. “In conjunction with the long duration lease term, the asset commanded a very aggressive cap rate which set a new record for CVS sales in Oklahoma.”
The property was originally built in 2011 and is situated on a 1.19-acre corner parcel. At the intersection of East 21st Street and South Harvard Avenue, the site is just 4.4 miles southeast of downtown Tulsa. Neighboring tenants include QuikTrip, Arby’s, Utica Park Clinic and local favorite, Brownie’s Hamburger Stand. The retail pharmacy is in close proximity to the University of Tulsa, Ascension St. John Medical Center, Hillcrest Medical Center and the upscale retail shopping center, Utica Square Mall.
