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 1st 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
