(Northbrook, IL- April 17, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CVS Pharmacy property located at 329 Superior Avenue in Bogalusa, Louisiana for $4,580,000.
The 11,945 square foot CVS Pharmacy is located along Superior Avenue, a primary east-west thoroughfare in the area. The property was built in 2007 and replaced two former CVS Pharmacy locations in Bogalusa. The property is located near the entrance to a Walmart Supercenter. Retailers in the immediate area include Tractor Supply, Dollar General, Dollar Tree, AT&T, Aaron’s and Hibbett Sports.
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Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a private investor. The purchaser was a private 1031 investor.
The CVS Pharmacy lease has more than 15 years remaining in the primary term that expire in August 2032. The original 25 year lease features ten 5-year renewal option periods with 5% rental escalations. 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’s rating of BBB+.
“CVS drug store properties with proven operating histories continue to garner significant investor interest.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The market for long term lease net lease properties remains active as these assets are in high demand amongst investors.”
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 $4 billion of single tenant net lease real estate transactions. From 2012-2017, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group