Sale of Net Leased CVS in Chicago Date March 26, 2026
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS Pharmacy located at 3951 W 103rd Street in Chicago, Illinois for $5,338,000.
The 15,414-square-foot property is strategically positioned at the signalized intersection of West 103rd Street (23,000 VPD) and Pulaski Road (29,300 VPD), two of the area’s primary traffic arteries on Chicago’s southwest side. The CVS operates as a 24-hour location, built in 2002 on approximately 1.56 acres of land. The property sits within a dense retail corridor anchored by nationally recognized retailers including Target, Home Depot, Walmart, Sam’s Club, Jewel-Osco, Aldi, Menards, Meijer, Whole Foods Market, Mariano’s, and Staples. The site is immediately adjacent to Saint Xavier University, which serves a student population of approximately 3,300, and is near Brother Rice High School and Evergreen Park High School. Advocate Christ Medical Center and Advocate Children’s Hospital are also located in close proximity. Chicago is the third largest metropolitan area in the United States with a population exceeding 9 million residents and serves as an international hub for finance, commerce, technology, and transportation. Within a five-mile radius of the property, the population exceeds 448,000 residents across more than 171,000 households, with an average household income exceeding $97,000. Within one mile, the average household income exceeds $127,000.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a Northeast-based real estate investment company. The buyer, a self-represented real estate trust, acquired the property.
The absolute triple net lease presents no landlord responsibilities, making it a passive investment for the new owner. CVS recently executed a long-term lease extension through January 2039, demonstrating significant commitment to this location after more than two decades of continuous operation. The lease features ten 5-year renewal options with 5% rental escalations in each option period, providing the investor with a reliable long-term income stream. Portions of the property are master leased by CVS to Subway and CD One Price Cleaners, both of which have been operating from this location since 2002 and 2003, respectively.
CVS Health Corporation, headquartered in Woonsocket, Rhode Island, is one of the largest healthcare companies in the United States. Founded in 1963 in Lowell, Massachusetts, CVS Health has grown into an integrated health solutions provider operating a nationwide network of approximately 9,000 retail pharmacies across all 50 states. The company’s operations span retail pharmacies, walk-in clinics, pharmacy benefit management services, and health insurance plans, serving tens of millions of customers annually. CVS Health carries an investment-grade credit rating and employs over 300,000 people.
“Net leased pharmacy properties with long-term leases and investment-grade credit continue to attract significant investor interest,” said Randy Blankstein, President of The Boulder Group. “Investors value the passive nature of absolute triple net leases backed by essential-service retailers with proven operating histories.”
Jimmy Goodman, Partner of The Boulder Group, added, “CVS’s decision to execute a long-term extension through 2039 at this location, combined with its 24-hour operations and over two decades of continuous occupancy, underscores the strength of this site within a densely populated Chicago corridor. The property attracted strong demand from investors seeking established pharmacy assets.”
John Feeney, Senior Vice President of The Boulder Group, noted, “The absolute triple net lease structure with no landlord responsibilities is highly attractive to investors seeking a truly passive investment. The rental escalations embedded in the renewal options provide a built-in hedge against inflation, further enhancing the long-term investment thesis for the buyer.”
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 $11 billion of single tenant net lease real estate transactions. From 2013-2025, 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 and has an office in Denver.
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