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Victron Energy Inc. Acquires Vacant CVS Property From Sierra Properties For Adaptive Reuse Project

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SOLD
Michael Ytem
Luke Nolan

Texas

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Retail11,200 SF
Sold 09/30/2024
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Property Image
SOLD

Victron Energy Inc. Acquires Vacant CVS Property From Sierra Properties For Adaptive Reuse Project

10666 East Northwest Highway

See Similar Deals
Retail11,200 SF
Sold 09/30/2024
Michael Ytem
Luke Nolan
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Retail
Price Per Square Foot:$0
Total Square Footage:11,200 SF
Transaction Type:Sale

The property asset involved in this transaction is a vacant retail building located at 10666 East Northwest Highway, Dallas. The total size of the building is 11,200 square feet, situated on 1.15 acres at a heavily trafficked intersection, making it a prime location for adaptive reuse. The asset was previously occupied by CVS, which did not renew its lease, leading to this closed transaction.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not disclosed
  • Buyer: Victron Energy Inc.
  • Seller: Sierra Properties
  • Brokers: Michael Ytem & Luke Nolan - Younger Partners
  • Location: 10666 East Northwest Highway, Dallas
  • Previous occupant: CVS
  • New intended use: Adaptive reuse for a carwash facility
  • Key intersection: E. Northwest Highway and Plano Road
  • Market: Dallas

The deal was successfully brokered by Younger Partners Senior Vice President Michael Ytem and Associate Luke Nolan. They facilitated the transaction by connecting the seller, Sierra Properties, represented by Owner John Kenny, with the buyer, Victron Energy Inc., represented by Vice President Mohamed Sharaf. The adaptive reuse of the building is seen as a strategic move to fill a void for carwash facilities in the area, considering the evolving real estate strategies of larger pharmacy brands.

Players

Michael Ytem
Younger Partners
Michael Ytem
8 deals
BROKER
Luke Nolan
Younger Partners
Luke Nolan
5 deals(214) 238-8029
BROKER

Details

SOLD
IMAGE: Michael Ytem & Luke Nolan DATE: 09/30/2024 ADDRESS: 10666 East Northwest Highway MARKET: Dallas ASSET TYPE: Retail ~ SF: 11,200 BUYER: Victron Energy Inc. SELLER: Sierra Properties BROKERS: Michael Ytem & Luke Nolan - Younger Partners (@YoungerPartners) NOTE FROM BROKERS: Younger Partners Senior Vice President Michael Ytem and Associate Luke Nolan successfully brokered an off-market sale of a vacant 11,200 square feet CVS at 10666 E Northwest Highway in the Old Lake Highlands area in Northeast Dallas for an out-of-the-ordinary adaptive reuse project. Younger Partners brokered the deal between the seller, Sierra Properties, and the buyer, Victron Energy Inc. Vice President Mohamed Sharaf. “When CVS did not renew its lease, the building went dark, allowing potential buyers to determine the next possible use of space,” Ytem said. “The buyer thought outside of the box & plans an adaptive reuse of the empty CVS transforming it into a state-of-the-art carwash facility.” “Pharmacy brands like CVS continue to reevaluate their real estate strategies, driven by oversaturation and a shift to smaller, more efficient formats. This trend has made larger stores increasingly obsolete, opening the door for groups to repurpose highly sought-after real estate,” Nolan said. This site, on 1.15 acres on the hard corner of E. Northwest Highway and Plano Road, is a major intersection, heavily trafficked for morning and evening commuters, Ytem added. “Establishing a carwash site fills a major void between 635 and 75.” “I was looking to repurpose the building after CVS closed. Michael Ytem and his team were able to locate numerous potential buyers and tenants in a timely fashion. They followed up every step of the way and their detail-oriented approach made this process seamless,” said Sierra Properties Owner John Kenny. Sharaf added that the site’s location is in a key urban market on a busy corner which is one of the main attributes that makes the property so attractive.

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