SALISBURY, MD, JULY 2016- Matthew Trader of Rinnier Development Company recently sold the CVS store located at 1910 Crain Highway in Bowie, MD for nine million dollars to Center Square LLC, who are investors out of Salisbury, MD. Trader orchestrated the deal by first selling the Center Square Shopping Center located on North Route 13 in Salisbury, MD; an asset previously owned by Center Square LLC. The sale of that shopping center needed to be completed in order for the Salisbury investors to be able to purchase the CVS in Bowie. After closing on the Center Square property, Center Square LLC then entered into a 1031 Exchange to acquire the CVS store they had been targeting, at which time, they used Trader to assist them in the process. Trader was used to negotiate the deal terms necessary to complete the transaction within the confines of the 1031 requirements. He also worked extensively with the lender, attorneys and the CVS seller's representatives in order to keep the very time sensitive deal on track to close on time. In the end, Trader was able to turn one of his client's older assets into a top-tier investment opportunity stabilizibed by one of the world's most coveted tenants (CVS). Together, both the CVS and Center Square transactions resulted in a total deal value of over ten million dollars. Trader comments, "I feel very fortunate that I was given the opportunity to work with Center Square LLC on this deal. These are the type of deals that I love to put together. They are complex, high pressure, involve a lot of work, follow up and attention to detail. In the process I was able to move my client's investment interest out of a small local credit center that served their family well for many years, into a high profile net lease asset secured by one the world's largest and most recognizable pharmaceutical retailers, CVS. Matthew Trader specializes in the sale and leasing of Commercial properties. To contact Matthew, please call 443-614-4297, or email mtrader@rinnier.com.
