CVS Pharmacy in Society Hill Acquired by SkyREM

We are delighted to announce our newest acquisition of a CVS Pharmacy in the Society Hill neighborhood of Philadelphia, Pennsylvania.

Located at 314 South 5th Street, the building was fully renovated in 2018 with new interior and exterior features, making it a great addition to SkyREM’s growing collection of properties in Philadelphia. The facility has a long-term, single-tenant lease, with CVS.

The 11,000-square-foot property is situated in the historic heart of Philadelphia, just three blocks from America’s historic Square Mile, which is home to some of the most famous United States landmarks, including the Liberty Bell, National Constitution Center and Independence Hall. The CVS Pharmacy is also located across the street from ACME Markets grocery store whose ground lease we acquired in January 2020.

CVS Health Corporation is the largest health provider in the United States and has over 9,700 locations nationally. Owning a facility that is part of a such a large corporation is very interesting to us. This acquisition furthers our strategy to acquire long term essential retail assets in irreplaceable locations with potential for future development.

The Society Hill neighborhood proudly has the second highest real estate values in Philadelphia, making the acquisition of a property in this area a big accomplishment for SkyREM. The team and I worked hard in acquiring the CVS Pharmacy in this highly acclaimed neighborhood, and we are proud to be furthering our presence in the area.

The team and I are very pleased with the acquisition of the Society Hill CVS Pharmacy, alongside the leasing activity at the 1,000,000-square-foot Quartermaster Campus in South Philadelphia, which is part of our long-term strategy to invest in Philadelphia. Having an office in Philadelphia, we feel especially connected to the city and hope that we can continue to expand SkyREM’s portfolio of properties within the region.