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Northbrook, IL, United States, 2013/01/02 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a high net worth investor based in the Midwest - BoulderGroup.com.
The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased CVS property located at 329 Superior Avenue, Bogalusa, Louisiana for $4,800, 000.
The 11,945 square foot CVS was built in 2007 and is located on 1.27 acres. The building is situated on a hard corner of a signalized intersection along a primary thoroughfare in the area. The property is located in the primary retail trade area anchored by Wal-Mart and Winn Dixie. The lease features rental escalations in the renewal option periods. The building is leased to CVS on a net lease basis with approximately 20 years of lease term remaining. CVS is an investment grade rated company with a Standard & Poor’s rating of BBB+ and has over 7,300 stores nationwide.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a high net worth investor based in the Midwest. The seller was an Arizona based investment company.
CVS has approximately twenty years of lease term remaining on an original twenty-five year lease with rental escalations in each of the renewal option periods. CVS is a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $61 billion. CVS is an investment grade rated company with a Standard & Poor’s rating of BBB+ and has over 7,300 stores nationwide.
“The market for net leased CVS properties with over 20 years of lease term remaining remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“Cap rates remain at historically low levels for single tenant pharmacy assets leased to Walgreens and CVS for twenty or more years.”
About The Boulder Group
The Boulder Group (bouldergroup.com) is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago.