Crimson Capital is pleased to announce the sale of our two CVS Stores located in Cortland, NY & Johnson City, NY. On May 9, 2007, Crimson acquired these properties via a Section 1031 tax deferred exchange providing the partnership with long-term stable distributions. With approximately four years remaining on both CVS Leases, Crimson decided to take advantage of current retail pricing and sold both properties to a Pennsylvania-based retail investor completing a 1031 exchange on July 15, 2015. Crimson worked closely with the Broker, Buyer, Buyer’s Investment Advisor, and our Lender to complete the sale in under three months. Over the life of the investment, investors received a total return of 169%, yielding a 8.72% IRR for the ninety-nine months of ownership.
We are proud to have completed this sale on behalf of our investors. For more information, feel free to contact us at the numbers listed below.