The Boulder Group,
a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS property located at
5422 Bellaire Boulevard in Bellaire, TX for
$3,600,000.
CVS is the sole
occupant of the 10,908 square foot retail building that was developed in 1999.
The property is located on a 1.17 acre parcel at the northeast corner of
Bellaire Boulevard and Chimney Rock Road in Bellaire, TX. The property is located at the signalized
intersection which experiences traffic volumes in excess of 44,000 vehicles per
day. Bellaire Boulevard has a direct interchange with Interstate 610,
approximately one mile away. Interstate 610 is a forty-two mile loop around
downtown Houston. The CVS property has three points of ingress and egress, two
along Chimney Rock Road and one along Bellaire Boulevard.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based
high net worth individual, in the transaction. The buyer was a Texas based 1031
exchange investor.
CVS has a seven
year triple net lease at this property. CVS is a publicly traded company on the
New York Stock Exchange (CVS), with a market capitalization of $50 Billion. CVS
is an investment grade rated company with a Standard & Poor’s rating of BBB
that has over 7,300 stores nationwide.
“The
market for shorter lease term CVS properties remains active as investors are
attracted to investment grade tenanted properties in primary metros” said Randy
Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchange
buyers continue to pay a premium for assets leased to credit tenants.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
