Net Lease: September 2012

Friday, September 28, 2012

The Boulder Group Arranges Sale of a $4.9 million single tenant CVS Portfolio in the Southeastern United States

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS portfolio consisting of three properties located in Georgia and Tennessee for $4,885,000.

Each of the properties are fully leased to CVS on a short-term basis. The properties offered investors the rare opportunity to obtain a drug store portfolio with an investment grade tenant at an attractive yield.

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.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investment group, in the transaction. The buyer was an East Coast based institutional investment firm.

The portfolio included the following three CVS properties:

1. 9920 Jones Bridge Road, Alpharetta, GA (Atlanta MSA)

2. 1021 1^st Street E, Vidalia, GA

3. 3700 Kings Lane, Nashville, TN

The Boulder Group generated multiple offers for this portfolio due to the high demand for net leased drug store properties combined with the high yield available due to the short term of the leases.

“The market for net leased portfolios leased to investment grade tenants is strong as the availability of quality single tenant portfolios remain limited.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Short term single tenant properties leased to CVS are in high demand due to the high renewal probability and the attractive yield.”

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 $1.4 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

Friday, September 14, 2012

The Boulder Group Arranges Sale of a Single Tenant CVS Property in Elberton, Georgia (Atlanta MSA)

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant CVS property located 232 Elbert Street, Elberton, GA for $2,200,000.

CVS is the sole occupant of the 10,125 square foot retail building that was developed in 1999. The property is located along the primary retail thoroughfare in Elberton. The CVS property is benefitted by its position on a hard corner of a signalized intersection. The CVS has a drive-thru and is a strong performing store with a low rent to sales ratio.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the both parties in the transaction; the seller was a South Carolina based partnership and the buyer was private ownership entity based in Florida.

CVS has seven years remaining on the initial lease. 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 CVS properties remains active as investors are attracted to investment grade tenanted properties with stable income streams” said Jimmy Goodman, Partner of The Boulder Group. Randy Blankstein, President of The Boulder Group, added, “Top tier metropolitan areas, such as Atlanta, remain in the highest demand for single tenant investors.”

Thursday, September 6, 2012

The Boulder Group Arranges Sale of a Single Tenant Walgreens Property in Chicago, Illinois

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Walgreens property located at 2345 West 103^rd Street, Chicago, Illinois for $7,500,000

The 13,650 square foot Walgreens was built in 2004 and is located in Chicago, Illinois. The building is situated along a heavily trafficked thoroughfare in a dense infill area of Chicago. The property is located in a primary retail trade area near retailers Wal-Mart, Sam’s Club, Carson Pirie Scott and Aldi. The building is leased to Walgreens on a net lease basis with 17 years of lease term remaining and is located on a hard corner of a signalized intersection. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based partnership, in the transaction. The buyer was a west coast based institution and was self-represented.

Walgreens has seventeen years of lease term remaining on an original 25 year triple net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $30 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.

“The market for net leased Walgreens remains strong as investors are attracted to investment grade tenanted properties with long term leases.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”

Tuesday, September 4, 2012

The Boulder Group Arranges Sale of a Single Tenant Dollar General Property in Mooresville, North Carolina

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Dollar General property located at 218 East Plaza Drive in Mooresville, North Carolina for $1,472,786

The 9,026 square foot Dollar General was built in 2011 and is located along a heavily trafficked thoroughfare. The building is leased to Dollar General on a net lease basis with 14 years of lease term remaining. The property is located across the street from a Big Lots anchored shopping center and other nearby retailers. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 9,300 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a southeast based developer, in the transaction. The buyer was a private net leased investment fund and self-represented.

“The market for newly developed triple net leased Dollar Generals is robust as investor demand for long term leased properties priced below two million dollars exceeds the supply.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Expect activity for single tenant leased Dollar General properties in prime locations to increase as their Standard and Poor’s rating was recently increased to BBB-.”