The Boulder Group,
a net leased investment brokerage firm, has completed the sale of a single
tenant CVS property located at 1201 E Colonial Drive, Orlando, Florida for
$2,675,000.
CVS is the sole occupant of the 10,767 square
foot retail building that was developed in 1996. The property is positioned at
a signalized intersection which experiences traffic volumes in excess of 73,500
vehicles per day. The property is located within close proximity to downtown
Orlando in a dense area with over 260,000 people living within five miles. CVS
benefits from its location in a retail trade area anchored by three retail
power centers; Orlando Fashion Square, Colonial Plaza and Colonial Marketplace.
Nearby retailers include Target, Publix, Macy’s, Dillard’s, Bed Bath &
Beyond, and LA Fitness. 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 private individual based in the Midwest and the
buyer was private individual based on the East Coast.
CVS had four years
remaining on the initial lease term at the point of sale. CVS is a publicly
traded company on the New York Stock Exchange (CVS), with a market
capitalization of $76 billion. CVS is an investment grade rated company with a
Standard & Poor’s rating of BBB+ that has over 7,400 stores nationwide.
“The market for net
leased CVS properties with shorter term leases and strong sales remains active
as investors are attracted to the higher yield these assets generate.” 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.”
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 $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
