Northbrook, IL – October 8, 2013 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS property located at 1203 South Main Street in Bluffton, Indiana for $3,100,000.
CVS is the sole occupant of the 10,125 square foot retail building that was developed in 1999. The property is located within the Fort Wayne MSA on the southeast corner of Main Street and Spring Street in Bluffton, Indiana. The property is positioned along the primary north-south thoroughfare of the area on a hard corner of a signalized intersection. The CVS has a drive-thru and is a strong performing store with a low rent to sales ratio. The property is fully leased to CVS with over seven years of primary lease term remaining and there is a rental escalation in 2014.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest, in the transaction. The buyer was a high net worth individual in a 1031 Exchange.
CVS had seven years remaining on the initial lease term at the point of sale. CVS is a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $71 billion. CVS is an investment grade rated company with a Standard & Poor’s rating of BBB+ that has over 7,400 stores nationwide.
“The market for CVS properties with shorter term leases remains active as investors are attracted to investment grade rated companies at higher yields” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant properties below $5,000,000 are in the greatest demand amongst private investors and 1031 buyers.”
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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
The Boulder Group