The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant CVS ground lease located at 118 East New Circle Road in Lexington, KY
for $3,500,000.
The 1.86 acre CVS property is
ideally located at the heavily trafficked signalized intersection of East New
Circle Road and North Limestone Road. This intersection experiences traffic
volumes in excess of 45,000 vehicles per day. The property is located
approximately two miles east of downtown Lexington and three miles east of the
University of Kentucky (30,000 students). The CVS is located less than 1.5
miles from access to Interstate 75/64. The corporate headquarters of Lexmark
International, a global provider of printing and imaging products, is located
less than two miles from the CVS and employs over 2,600 people. Further
contributing to the strength of this CVS location is that it is located down
the street from an aging mid-block Walgreens with limited access.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a private investor from the Northeast. The purchaser was a 1031
Exchange investor located in Texas.
CVS has
approximately 20 years remaining on their ground lease that expires January 31,
2035. The lease features six 5-year renewal options with 5% rental escalations
in each. CVS is an investment grade rated tenant with a Standard and Poor’s
rating of BBB+.
“Properties featuring long term leases to investment grade
rated tenants remain at the forefront of investor demand.” said Randy
Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “Well located single tenant assets 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 2011-2014, 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 2011-2014, 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
