The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased CVS property located at 4037 Glenwood Road in Decatur,
Georgia for $3,600,000.
The 10,125 square foot CVS is located in
the Atlanta MSA and was originally constructed in 1999. The property is located
just off of the heavily trafficked signalized intersection of Glenwood Road and
Columbia Drive. Glenwood Road is a primary east-west thoroughfare in the area
while Columbia Drive is a primary north-south thoroughfare in the area. The
surrounding area is densely populated with over 242,000 people living within a
five mile radius earning average annual household incomes of approximately
$60,000.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; an East Coast based real estate institution. The purchaser was a
high net worth family trust.
There are over 21
years remaining on the recently extended CVS lease that expires January 31, 2037.
CVS has successfully operated at this location since 1999 and recently executed
a new 25 year lease extension demonstrating their commitment to this location.
The CVS lease features five 5-year renewal option periods with 5% rental
escalations in each. CVS is a publicly traded company with a market
capitalization in excess of $104 billion CVS is an investment grade rated
tenant with a Standard & Poor’s rating of BBB+.
“The market for
well-located net lease properties in top MSAs remains active as these assets
are in high demand amongst private investors” said Randy Blankstein, President
of The Boulder Group. Jimmy Goodman,
Partner of The Boulder Group, added, “Established properties with proven
operating histories continue to garner significant investor interest.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. 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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.
