Zero Cash Flow CVS Sold in Houston MSA Date August 21, 2026
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant zero cash flow CVS pharmacy located at 25151 Fulshear-Gaston Road in Richmond, Texas for $4,020,000.
The property is located at 25151 Fulshear-Gaston Road in Richmond, Texas, within Fort Bend County. Richmond is the county seat of Fort Bend County and sits within the Houston-The Woodlands-Sugar Land metropolitan statistical area, the fifth largest MSA in the United States with a population of more than 7 million people. The CVS pharmacy fronts the FM 723 corridor, which carries approximately 22,000 vehicles per day. State Highway 99, the Grand Parkway, carries approximately 72,000 vehicles per day nearby, and the Westpark Tollway carries approximately 35,000 vehicles per day. National retailers in the immediate trade area include H-E-B, Kroger, Lowe’s Home Improvement, Walmart Supercenter, ALDI, AutoZone, PetSmart and T.J. Maxx. A new Target store is anchoring the Texas Heritage Marketplace development near Interstate 10 and Texas Heritage Parkway. The population within five miles of the property is approximately 135,553 people. The median household income within the surrounding 77406 ZIP code is approximately $143,000. The site sits within the boundaries of the Lamar Consolidated Independent School District and the Katy Independent School District, and nearby Fulshear High School serves more than 3,000 students. Richmond and neighboring Fulshear rank among the fastest-growing communities in the United States; Fulshear was ranked the second-fastest-growing city in the nation and is growing at a rate of approximately 14 percent per year.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a West Coast-based investor. The buyer was an East Coast-based firm.
The property is subject to a triple net (NNN) lease with approximately 15 years of remaining term. The lease expires on January 31, 2042, leaving approximately 15 years of remaining term. The lease includes ten 5-year renewal options, providing up to 50 additional years of potential term. As a triple net lease, the tenant is responsible for all property expenses, leaving the landlord with zero management responsibilities. The property is located in Texas, a state with no state income tax, which enhances the after-tax return for investors. The building measures 10,200 square feet and sits on approximately 1.9 acres. The property was built in 2016.
CVS Health Corporation is headquartered in Woonsocket, Rhode Island, and was founded in 1963. The company operates approximately 9,000 retail pharmacy locations across the United States and employs approximately 300,000 people. CVS Health serves millions of customers each day and more than 100 million members through its integrated network of health care services. The company’s major business lines include retail and specialty pharmacy through CVS Pharmacy, pharmacy benefit management through CVS Caremark, health insurance through Aetna, and retail health clinics through MinuteClinic. CVS Health carries an investment-grade credit rating.
“This was a well-located CVS in one of the fastest-growing suburbs in the country, and that combination of a long-term lease and a strong, rooftop-driven trade area drew competitive interest and allowed us to close quickly,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The buyer was attracted to the passive nature of the investment and the tax advantages of owning net leased real estate in a state with no income tax.” John Feeney, Senior Vice President of The Boulder Group, noted, “Investor demand for well-located net lease assets with investment-grade tenants remains strong, and pricing for the best long-term retail product has continued to hold firm even as overall market supply has increased.”
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 $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
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