Philadelphia, PA — SkyREM, LLC announced the acquisition of a long-term, single-tenant net leased CVS Pharmacy. The 11,000 s/f property, located at 314 South 5th St. in the prestigious Society Hill neighborhood of Philadelphia is adjacent to the ACME Markets grocery store which Sky acquired the ground lease in January 2020. This rare and irreplaceable location is just three blocks from America’s most historic Square Mile – home to Independence Hall, the Liberty Bell and the National Constitution Center, among other U.S. landmarks.
“We are pleased to complete this acquisition of the Society Hill CVS Pharmacy – this property is located directly across the street from our ACME Markets ground lease, furthering our strategy to acquire long term essential retail assets in irreplaceable locations with potential for future development. Along with significant leasing activity at our historic 1,000,000 s/f Quartermaster Campus, we look forward to continuing our long-term investment in Philadelphia.” said Alex Dembitzer, founder of SkyREM. The property was fully renovated in 2018 and is located in a neighborhood that today boasts the highest average household income and second highest real estate values in all of Philadelphia, the sixth largest city in the United States. CVS Health Corporation is the largest pharmacy health provider in the United States with more than 9,700 locations across all 50 states, the District of Columbia, Puerto Rico and Brazil.