Ohio Net Leased CVS Sale Arranged Date October 11, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS Pharmacy property located at 3825 Monticello Blvd in Cleveland Heights, Ohio for $2,800,000.
The 10,159 square foot Ohio net leased CVS Pharmacy is strategically positioned at the signalized intersection of Monticello Boulevard and Noble Road, two primary thoroughfares in the trade area with a combined traffic count exceeding 36,480 vehicles per day. The property is in a densely populated residential area with over 132,000 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 West Coast based real estate partnership.
The CVS Pharmacy lease has more than 5 years remaining in the primary term that expires in January 2023. The original 23 year triple net lease features ten 5-year renewal option periods. CVS is the nation’s second-largest drugstore chain and is a publicly traded company with a market capitalization in excess of $105 billion. CVS is an investment grade rated company with a Standard and Poor’s rating of BBB+.
“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, “Single tenant properties priced 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