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.<\/p>\n
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.\u00a0 The property is in a densely populated residential area with over 132,000 people living within a three mile radius of the property.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment company.\u00a0 The purchaser was a West Coast based real estate partnership.<\/p>\n
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\u2019s rating of BBB+.<\/p>\n
\u201cCVS drug store properties with proven operating histories continue to garner significant investor interest.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cSingle tenant properties priced below $5,000,000 are in the greatest demand amongst private investors.\u201d<\/p>\n
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