KZ Companies’ team is pleased to announce its construction completion and sale of a single-tenant, net leased (STNL) CVS Pharmacy in Long Beach, California.
The project is the result of a long effort in redeveloping the notorious Long Beach Traffic Circle property after acquiring it from the Bixby Land Company which had not traded ownership in the previous 115 years. There was an exceptional amount of interest in the property and close of escrow was less than 45 days. The buyer was a tax-deferred exchange and acquired the property all-cash.
Cap Rate: 4.75%