The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant CVS property located at 9204 Cortez Blvd in Weeki Wachee, FL for $5,100,607.
The 10,908 square foot retail building is located on 4.01 acres of land. CVS has operated at this location since 2002 and executed a new 25 year lease that commenced in March 2014. The Property is located at the signalized intersection of State High 50 and US Route 19 (Cortez Boulevard), a strategic intersection in the area. There are over 53,000 people living within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Northeast based real estate investment firm. The purchaser was a private individual based in the Southwest.
There are approximately 24 years remaining on the recently extended CVS lease. The lease is absolute triple net and features five 5-year renewal option periods. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.
“This investment provided the purchaser the opportunity to acquire a CVS property with both a long operating history as well as a new long term lease; a unique feature to most drug store properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties in “income tax free states” with solid real estate fundamentals continue to be in the greatest demand.”
