Net Leased Houston CVS Property Sale Arranged Date November 30, 2020
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased Houston CVS Pharmacy located at 5757 New Territory Boulevard in Sugar Land, Texas.
The 10,906 square foot net leased Houston CVS building is located adjacent to the Grand Parkway interchange (44,973 VPD), a primary north-south thoroughfare. Retailers within the same stretch include Chase Bank, Chevron, 7-Eleven, GNC, and Extra Space Storage. The CVS property is located within the Houston MSA – ranked #5 for population size in the United States. Sugar Land is a southwest suburb of Houston and only 20 miles from downtown. There are 182,706 people living within 5 miles of the property with an average annual income of $137,942.
Jimmy Goodman and John Feeney of The Boulder Group represented the buyer in the transaction. The buyer was a New York based investor involved in a 1031 exchange and the seller was a Texas based developer.
The CVS lease has over 11 years remaining and features four 5-year renewal option periods with $0.50 psf rental escalations in each option. CVS Pharmacy is the nation’s largest drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS is an investment grade rated tenant (S&P: BBB).
“CVS drug store properties with proven operating histories continue to garner significant investor interest” said Jimmy Goodman, Partner of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Properties near large metropolitan areas remain in demand with all investor classes, especially with tenants such as CVS.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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