The Boulder Group, a net-leased investment brokerage firm, has completed the sale of a single-tenant, net-leased CVS property located at 7929 North Avenue in River Forest, Illinois. A Midwest-based private partnership sold the property to a private investor in a 1031 tax exchange for $6,770,000.
Randy Blankstein, president of The Boulder Group and Jimmy Goodman, partner of The Boulder Group represented the seller in the transaction. “CVS drug store properties with proven operating histories continue to garner significant investor interest.” said Blankstein.
The 10,880-square-foot building is located at the corner of a signalized intersection with traffic counts of 51,600 vehicles per day. Retailers in the immediate area include Target, Costco, Jewel-Osco and numerous banks and restaurants. The property is also located within close proximity to multiple residential communities, local businesses and schools including Concordia University, Dominican University and Triton College (21,660 students). Additionally, the 254-bed Gottlieb Memorial Hospital is located just west of the property. Over 740,000 people live within five miles of the property and the average household income within one mile is $113,493.
“Properties with strong real estate fundamentals continue to be in demand with all investor classes,” said Goodman.
The CVS lease has over nineteen years remaining in the primary term and features five 5-year renewal options with a 5 percent rental escalation in each option. CVS Pharmacy is an investment-grade-rated company and publicly traded on the New York Stock Exchange. CVS Pharmacy is the nation’s largest drugstore chain operating more than 9,800 locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
