The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased\u00a0 Connecticut CVS property located at 1875 Boston Avenue in Bridgeport, Connecticut for $4,700,000.<\/p>\n
The 17,114 square foot net leased\u00a0 Connecticut CVS property building is well located along a primary east-west thoroughfare (18,000 VPD). CVS has a proven operating history at this location and has been at this location since 1992. In 2013, CVS signed a new 25 year lease extension that features rental escalation in each of the four 5-year renewal options. CVS also reports extremely high store sales. Other retailers in the retail corridor include Family Dollar, Dunkin\u2019 Donuts, McDonald\u2019s, Walgreens and Aaron\u2019s. The property is also located near Yale New Haven Health Bridgeport Hospital and Bullard-Havens Technical High School which drives continual traffic to the corridor.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The seller was a private real estate investor based in the northeast.\u00a0 The buyer was a northeast based real estate investor in a 1031 exchange.<\/p>\n
CVS Pharmacy has over 20 remaining on their lease which expires January 31, 2039 and features four 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 \u201cCVS\u201d.<\/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, \u201cProperties with long proven operating history continue to be in demand with all investor classes.\u201d<\/p>\n