The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS ground lease located at 401 SE Main Street in Simpsonville, SC for $2,854,000.
The 1.89 acre CVS property is strategically located at a signalized intersection along Main Street. Main Street experiences traffic volume of 16,700 vehicles per day and feeds into Interstate 385 (57,400 VPD) which is located less than one mile from the property. The surrounding trade area features many national retailers including Walmart, Target, Lowe’s, Home Depot, Kohl’s, Publix, Bi-Lo, T.J. Maxx and Regal Cinemas.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an East Coast based developer. The purchaser was a private individual in a 1031 Exchange.
There are over 17 years remaining on the CVS ground lease which expires in January 2033. The ground lease features five 5-year renewal option periods with 10% rental escalations in each. CVS has operated at this location since 2006. CVS is an investment grade rated company with a Standard & 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 $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.
For more information, visit: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States