Net Leased Connecticut CVS Property Sale Arranged Date January 21, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Connecticut CVS property located at 1875 Boston Avenue in Bridgeport, Connecticut for $4,700,000.
The 17,114 square foot net leased Connecticut CVS property building is well located along a primary east-west thoroughfare (18,000 VPD). CVS has a proven operating history at this location and has been at this location since 1992. In 2013, CVS signed a new 25 year lease extension that features rental escalation in each of the four 5-year renewal options. CVS also reports extremely high store sales. Other retailers in the retail corridor include Family Dollar, Dunkin’ Donuts, McDonald’s, Walgreens and Aaron’s. The property is also located near Yale New Haven Health Bridgeport Hospital and Bullard-Havens Technical High School which drives continual traffic to the corridor.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The seller was a private real estate investor based in the northeast. The buyer was a northeast based real estate investor in a 1031 exchange.
CVS Pharmacy has over 20 remaining on their lease which expires January 31, 2039 and features four 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 long proven operating history 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.comBack