Bellaire, Texas — CVS has a seven-year triple net lease.
Bellaire, Texas — The Boulder Group, a net leased investment brokerage firm based in Northbrook, Ill., has completed the sale of a single tenant net leased CVS property for $3.6 million. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Midwest-based high net worth individual. The buyer was a Texas-based 1031 exchange investor. CVS has a seven year triple net lease at the property. “The market for shorter lease term CVS properties remains active as investors are attracted to investment grade tenanted properties in primary metros,” said Randy Blankstein, president of The Boulder Group in a press release. Jimmy Goodman, Boulder Group partner, added, “1031 exchange buyers continue to pay a premium for assets leased to credit tenants.” CVS has a Standard & Poor’s rating of BBB, with approximately 7,300 stores in the United States.