Michigan CVS Property Sale Arranged Date August 19, 2019
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS property located at 13580 Grand River Ave in Detroit, Michigan for $1,740,000.
The Michigan CVS Pharmacy property features a drive-thru and has excellent visibility at its hard corner location along Grand River Avenue (17,498 VPD). The property is immediately off of Interstate 96 (178,000 VPD) which connects the property to downtown Detroit. Retailers in the immediate area include McDonald’s, Sherwin-Williams, Advance Auto Parts and Family Dollar. The property is also located within close proximity to multiple residential communities, large industrial properties and schools. There are over 411,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller. The seller was a Texas based real estate company and the buyer was a private real estate investor based in New York.
CVS Pharmacy has approximately fifteen years remaining on their lease which expires October 31, 2033 and features six 5-year renewal option periods with 2.5% rental escalations in each option. CVS Pharmacy is the nation’s drugstore chain along with total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
“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.comBack