(Northbrook, IL- December 18, 2017) – (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 1200 Gallatin Pike South in Madison, Tennessee for $2,925,000.
CVS Pharmacy has successfully operated at this location since 1999. The 11,988 square foot property is strategically positioned on the southeast corner of Gallatin Pike South and Due West Avenue in a primary retail corridor. Gallatin Pike South is the primary north-south thoroughfare in the area with traffic counts of 34,680 vehicles per day. Retailers located in the immediate area include Save-A-Lot, Family Dollar, Jiffy Lube, Aaron’s, Dollar General, ALDI and a number of quick service restaurants.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a national real estate investment company. The purchaser was a Northeast based private Real Estate Investment Trust.
The CVS Pharmacy lease has more than 5 years remaining in the primary term that expire in January 2023. The original 23 year triple net lease features ten 5-year renewal option periods. CVS Pharmacy is an investment grade rated company (S&P: BBB+) and publicly traded on the New York Stock Exchange using symbol “CVS”.
“Established 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 well-located 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 2011-2016, 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