The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS property located at 1035 Lower Fayetteville Rd in Newnan, Georgia for $3,992,492.
The 12,990 square foot building is well located at the corner of a signalized intersection immediately off of Interstate 85 (37,167 VPD). The CVS property is located in a dominant retail corridor Publix, Kroger, Walmart, Lowe’s, Home Depot, BJ’s Wholesale, Kohl’s, Ross Dress for Less and TJMaxx. The property is also immediately across from Newnan Crossing, a 123 acre mixed used development with 300 apartments and townhomes. Additionally, the property is positioned near Ashley Park, a premier open-air center with 60+ upscale shops and restaurants with tenants including Best Buy, Dick’s Sporting Goods, American Eagle and a 14-screen Regal Cinemas. The CVS property is also positioned in an expansive medical corridor near Southeastern Regional Medical Center (371 beds), Piedmont Newnan Hospital (136 beds), and Encompass Health Rehabilitation Hospital of Newnan (50 beds). There are over 41,000 people living within three miles of the property and the property the population is projected to grow 9.25% in the next five years.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Colorado based individual. The buyer was a private investor in a 1031 tax exchange.
CVS Pharmacy has over 13 remaining on their lease which expires January 31, 2033 and features ten 5-year renewal option periods. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS Pharmacy is an investment grade rated company (S&P: BBB+) and publicly traded on the New York Stock Exchange using symbol “CVS”.
“CVS drug store properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties with strong real estate fundamentals continue to be in demand with all investor classes.”
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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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
Company Name: The Boulder Group
Contact Person: Randy Blankstein
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Address:3520 Lake Avenue Suite 203
Country: United States