The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant triple net leased CVS property located at 5920 West Park Boulevard in
Plano, Texas for $10,202,589. This trophy property was sold at a 4.82% cap rate
which is the lowest cap rate for a drug store property sold in 2015 outside of
California according to Real Capital Analytics.
The 13,146 square foot CVS building is
located in Plano, an affluent northern suburb of Dallas. The property is strategically
located at the heavily trafficked signalized intersection of West Park
Boulevard and Parkwood Boulevard. This signalized intersection experiences
traffic volumes of approximately 50,000 vehicles per day. Additionally, the
property is benefited by its proximity to the North Dallas Tollway. There are
approximately 300,000 people living within a five mile radius of the property
earning average annual household incomes in excess of $108,000.
The CVS is situated in a vibrant retail
corridor which features Costco, Walmart Supercenter, SuperTarget, Home Depot
and the Willow Bend Mall (which is anchored by Neiman Marcus, Macy’s, Dillard’s
& Apple). Further contributing to the strength of this retail corridor is
the presence of Ikea which is located approximately five miles north of the
property.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based private partnership. The purchaser was a high net
worth individual in a 1031 Exchange.
There
are approximately 21 years remaining on the absolute triple net CVS lease. The
lease features a 5% rental escalation in each of the six 5-year renewal option
periods. CVS is an investment grade rated tenant (S&P: BBB+) and is
publicly traded with a market capitalization in excess of $113 billion.
“The property’s
superior location within a core market allowed The Boulder Group to achieve a
historic cap rate for this sale” said Randy Blankstein, President of The
Boulder Group. Jimmy Goodman, Partner of
The Boulder Group, added, “While single tenant properties are selling in all
types of locations; core markets, like Dallas, are at the forefront of investor
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 $2.4 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.
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 $2.4 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.
