The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant CVS property located at 9204 Cortez Blvd in Weeki Wachee, FL for
$5,100,607.
The
10,908 square foot retail building is located on 4.01 acres of land. CVS has
operated at this location since 2002 and executed a new 25 year lease that
commenced in March 2014. The Property is located at the signalized intersection of State
High 50 and US Route 19 (Cortez Boulevard), a strategic intersection in the
area. There are over 53,000 people living within a three mile radius of the
property.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Northeast based real estate investment firm. The purchaser was a
private individual based in the Southwest.
There are
approximately 24 years remaining on the recently extended CVS lease. The lease
is absolute triple net and features five 5-year renewal option periods. CVS is
an investment grade rated tenant with a Standard & Poor’s rating of BBB+.
“This investment provided the purchaser the opportunity to
acquire a CVS property with both a long operating history as well as a new long
term lease; a unique feature to most drug store properties” said Randy
Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “Properties in “income tax free states” with solid real
estate fundamentals continue to be in the greatest demand.”
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 2.1 billion of single tenant net lease real estate transactions. From 2010-2014, 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. www.bouldergroup.com
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 2.1 billion of single tenant net lease real estate transactions. From 2010-2014, 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. www.bouldergroup.com