Net Lease CVS Portfolio Sale Arranged Date June 19, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of two single tenant net leased CVS property locations in Ohio for $5,207,500.
The sale includes the following locations:
- 600 W Maple Street, Hartville, OH
- 8001 W 130th Street, North Royalton, OH
The Hartville location is strategically positioned at the signalized intersection of Maple Street and Kent Avenue. Maple Street is the primary east-west thoroughfare in the trade area. The property is benefitted by its location in the primary retail corridor in the area. Retailers located in the immediate area include Big Lots, Goodwill, Giant Eagle, AutoZone, PNC Bank, Chase Bank and a number of quick service restaurants. The average annual household income within a three mile radius of the property is in excess of $82,000.
The North Royalton located is strategically positioned on the southeast corner of 130th Street and Sprague Road, a signalized intersection, in a densely populated residential area. 130th Street and Sprague Road are two primary thoroughfares in North Royalton experiencing a combined traffic count of more than 27,500 vehicles per day. Retailers located in the immediate area include Dollar General, Dairy Queen, Sunoco Gas Station and a number of local businesses. The average annual household income within a one mile radius of the property is in excess of $79,850. There are approximately 65,300 people living within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment company. The purchaser was a Southeast based real estate partnership.
The CVS Pharmacy leases have approximately 5 years remaining in the primary term that expire in January 2023. The lease features ten 5-year renewal option periods. CVS Pharmacy is the nation’s second-largest drugstore chain operating more than 9,700 locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
“Single tenant portfolios with solid real estate fundamentals continue to be in great demand” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant properties below $5,000,000 are in the greatest demand amongst private investors.”
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 $4 billion of single tenant net lease real estate transactions. From 2012-2017, 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