Friday, November 15, 2013

The Boulder Group Arranges Sale of a Net Leased CVS Property in Dunkirk, New York

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS property located at 175 East 4th Street in Dunkirk, NY for $3,485,000.

CVS is the sole occupant of the 10,125 square foot retail building that was developed in 2000. The property is located on a 35,980 square foot parcel at the corner of East 4th Street and Main Street in Dunkirk, NY. The property is located less than two miles north of Interstate 90 along one of the area’s primary thoroughfares.  The property is fully leased to CVS with 25 years of lease term remaining. There are four 5-year renewal options remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction, a private individual based in the Midwest. The seller was a Texas based investment firm.

CVS has 25 years of lease term remaining on their recently extended lease. CVS is a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $77 billion. CVS is an investment grade rated company with a Standard & Poor’s rating of BBB+ and has over 7,500 locations nationwide.

“The market for net leased CVS properties with over 20 years of lease term remaining remains robust as these assets are in high demand among private investors.”  said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Cap rates remain at historically low levels for single tenant pharmacy assets leased to Walgreens and CVS with twenty or more years of lease term.”

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.