New York Real Estate Journal

The Boulder Group arranges sale of net-leased CVS for $3.485 million; 10,125 s/f retail building located on 35,980 s/f parcel

December 9, 2013 - Brokerage
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net-leased CVS property located at 175 East 4th St. for $3.485 million. CVS is the sole occupant of the 10,125 s/f retail building that was developed in 2000. The property is located on a 35,980 s/f parcel at the corner of East 4th St. and Main St. The property is located less than two miles north of Interstate 90 along one of the area's primary thoroughfares. The property is fully leased to CVS with 25 years of lease term remaining. There are four 5-year renewal options remaining. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction, a private individual based in the Midwest. The seller was a Texas based investment firm. CVS has 25 years of lease term remaining on their recently extended lease. CVS is a publicly traded company on the New York Stock Exchange (CVS), with a market capitalization of $77 billion. CVS is an investment grade rated company with a Standard & Poor's rating of BBB+ and has over 7,500 locations nationwide. "The market for net leased CVS properties with over 20 years of lease term remaining remains robust as these assets are in high demand among private investors," said Randy Blankstein, president of The Boulder Group. Jimmy Goodman, partner of The Boulder Group, said, "Cap rates remain at historically low levels for single tenant pharmacy assets leased to Walgreens and CVS with twenty or more years of lease term."