Josh Goldflam, co-founder & principal of Manhattan based commercial real estate firm Highcap Group, has arranged the sale of 101 Reeceville Rd. Coatesville, PA. The building is located just west of Philadelphia, and recently sold for $9,000,000 in an all cash transaction. The seller was the Orion Real Estate, and the buyer was Bill Cook as part of a 1031 tax free exchange.
The property is situated on Reeceville Road at the corner signalized intersection of Fisherville Road in downtown Coatesville, strategically located across from an elementary and middle school and is next door to a Wawa and Brandywine Hospital. The property is located on 2.88 acres and is 41 miles west of Philadelphia, PA. The subject property is single-story retail building consisting of just over 13,000 square feet and solely occupied by CVS Pharmacy. The property was built to specification for CVS in 2012 and they hold a triple net lease for another 16+ years plus additional option periods.
The total sale price of $9,000,000 which equates to $687 per existing square foot, and yielded a Capitalization Rate of 5.5%.