The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant CVS Pharmacy located at 1850 West Franklin Boulevard in Gastonia, North Carolina for $2,840,000.<\/p>\n
The 10,125 square foot net leased North Carolina CVS building is located at the corner of a signalized intersection along Franklin Boulevard (20,000 VPD) and Franklin Boulevard is a primary thoroughfare that leads to Charlotte. The property is in a retail corridor with Walmart, AT&T, Bank of America, BB&T, Advance Auto Parts and McDonald\u2019s. There are approximately 90,000 people living within five miles of the property. Gastonia experienced a steady population growth, with a population increase between 2000 and 2010 of nearly 8.2%, according to the U.S. Census Bureau.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a west coast based real estate fund and the buyer was a North Carolina based investor in a 1031 exchange.<\/p>\n
There are ten years remaining on the CVS Pharmacy lease. The lease features 5% rental escalations in each of the five 5-year renewal option periods. CVS Pharmacy is the nation\u2019s largest drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil.<\/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 John Feeney, Senior Vice President of The Boulder Group, added, \u201cProperties with long proven operating history continue to be in demand with all investor classes, especially with tenants such as CVS.\u201d<\/p>\n