The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant CVS Pharmacy located at 1803 South New Hope Road in Gastonia, North Carolina for $3,045,000.<\/p>\n
The 10,125 square foot building is located at the corner of a signalized intersection along New Home Road (18,000VPD) and is a primary east-west thoroughfare. The property is in a retail corridor featuring Walmart Neighborhood Market, Bi-Lo, Publix, Walmart Supercenter, Sam\u2019s Club, Lowe\u2019s and Target. The property is also located in close proximity to Ashbrook High School (1,431 Students) which drives continual traffic to the corridor. There are approximately 100,000 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 is west coast based real estate fund and the buyer is a private investor.<\/p>\n
The CVS lease has twenty years remaining and features five 5-year renewal option periods with 5% rental escalations in each option. 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 near large metropolitan areas remain in demand with all investor classes, especially with tenants such as CVS.\u201d<\/p>\n