The Boulder Group completed the sale of a single tenant net-leased CVS property at 13580 Grand River Ave. in Detroit for $1.74 million.
The CVS Pharmacy property features a drive-thru and has excellent visibility at its hard corner location along Grand River Avenue. The property is immediately off of Interstate-96, which connects the property to downtown Detroit.
Retailers in the immediate area include McDonald’s, Sherwin-Williams, Advance Auto Parts and Family Dollar. The property is also located within close proximity to multiple residential communities, large industrial properties and schools. There are more than 411,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller. The seller was a Texas-based real estate company and the buyer was a private real estate investor based in New York.
CVS Pharmacy has about 15 years remaining on its lease that expires Oct. 31, 2033, and features six 5-year renewal option periods with 2.5 percent rental escalations in each option.
