CREI HWY31 LLC Acquires CVS-Leased Retail Property In Hoover Alabama For $4.12 Million
1881 Chace Drive
$4,120,000
$303/SF
Building Size
13,561 SF
Asset Type
Retail
Closing
Aug 14, 2026
About this deal
AI
A retail property located at 1881 Chace Drive in Hoover, Alabama, has been sold for $4,120,000. The asset encompasses 1.74 acres and offers 13,561 square feet of space. The property is leased to CVS, with the lease extending through at least 2035.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,120,000
- Address: 1881 Chace Drive
- Market: Hoover, AL
- Acres: 1.74
- Square Feet: 13,561
- Price Per Square Foot: $304
- Buyer: CREI HWY31 LLC
- Seller: Cooper and Co.
- Brokers: Jordan Weaver, Kyle Crew - IronVest Partners; John Stevens & Matt Ragland - Net Leased Advisors
The transaction was facilitated by IronVest Partners representing the buyer, CREI HWY31 LLC, while Net Leased Advisors marketed the property on behalf of the seller, Cooper and Co. This deal marks the Birmingham metro’s fourth million-dollar drugstore real estate transaction of the year.
Players
Hoover Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.85%
Cash-on-Cash
-1.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93