Net Leased Florida CVS Property Sale Arranged Date November 26, 2019
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS property located at 245 S Military Trail in West Palm Beach, Florida for $5,150,000.
The 12,739 square foot Net Leased Florida CVS Property is well located at the corner of a signalized intersection along South Military Trail (42,473 VPD) and is immediately off of Highway 98 (64,780 VPD). The CVS property is located in a dominant retail corridor with Publix, Walmart Supercenter, Chase, TD Bank and 7-Eleven. The property is located just west of Interstate 95 (218,465 VPD) and south of Palm Beach International Airport. The CVS is also in close proximity to the Trump International Golf Club West Palm Beach. The property is in a dense in-fill location with over 320,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a southwest based real estate investor. The buyer was based in Florida.
CVS Pharmacy has eight remaining on their lease which expires July 23, 2027 and features five 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 in tax free states like Florida, continue to be in demand with 1031 exchange 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 $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