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.
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States