The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single tenant net leased CVS
Pharmacy located at 6820 North Pear Tree Lane in Peoria, Illinois for
$4,198,000.
The
10,125 square foot CVS Pharmacy is located just off of the heavily trafficked
signalized intersection of West War Memorial Drive and North Big Hollow Road
which sees a combined 50,700 vehicles per day. West War Memorial Drive is a
primary east-west thoroughfare in the area and a major retail corridor. The CVS Pharmacy is benefitted from strong
demographics with over 33,900 people living within three miles with an above
average household income of $103,000.
Randy
Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in
the transaction; a private investor in a 1031 Exchange. The seller was a
Midwest based partnership.
There
are 20 years remaining on the recently extended CVS Pharmacy lease that expires
August 31, 2036. CVS Pharmacy has successfully operated at this location since
1998 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 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. 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 $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. www.bouldergroup.com
