The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased CVS property located at 1203 South Main Street in Bluffton,
Indiana for $3,100,000.
CVS is the sole occupant of the 10,125
square foot retail building that was developed in 1999. The property is located
within the Fort Wayne MSA on the southeast corner of Main Street and Spring
Street in Bluffton, Indiana. The property is positioned along the primary
north-south thoroughfare of the area 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. The property is fully leased to CVS with
over seven years of primary lease term remaining and there is a rental
escalation in 2014.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, a private
partnership based in the Midwest, in the transaction. The buyer was a high net
worth individual in a 1031 Exchange.
CVS had seven 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 $71 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 CVS properties with shorter term leases remains active as investors
are attracted to investment grade rated companies at higher yields” said Randy
Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant
properties below $5,000,000 are in the greatest demand amongst private
investors and 1031 buyers.”
About The Boulder Group
The
Boulder Group is a boutique investment real estate service firm specializing in
single tenant 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 over $1.6 billion of
single tenant net lease real estate transactions. In 2011 and 2012, the firm was
ranked in the top 10 companies in the nation for single tenant retail
transactions by Real Capital Analytics. The Boulder Group is headquartered in
suburban Chicago.