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