The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS portfolio consisting of two properties located within the Charlotte MSA for $5,158,000.
The portfolio consists of two short term CVS properties which were originally constructed in 1998. The properties are positioned at strategic signalized intersections with approximately 100,000 people living within five miles of each. Both properties feature low rent-to-sale’s ratios and leases which expire on January 31, 2019. Each lease features rental escalations in the renewal option periods.
The portfolio included the following CVS properties:
- 1850 West Franklin Boulevard, Gastonia, NC
- 1803 South New Hope Road, Gastonia, NC
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was an East Coast based developer and the purchaser was a private investment fund.
“This portfolio offered the investor the rare opportunity to acquire two short term CVS properties with strong rent-to-sale’s ratios in the same MSA” 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 $3 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
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States