Northbrook, IL – April 16, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant CVS property located at 2280 Martin Luther King Jr. Avenue in Mobile, AL for $3,856,462.
The 10,195 square foot retail building is located on 2.15 acres of land. The property is positioned at the signalized intersection of Dr. Martin Luther King Jr. Avenue and South Craft Highway. The CVS is benefitted by its proximity to Interstate 165 which is located approximately one mile to the east. There are approximately 60,000 people living within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Texas based real estate investment company. The seller was a West Coast based private investment partnership.
There are approximately 8 years remaining on the CVS lease. The lease is absolute triple net and features ten 5-year renewal option periods. CVS is an investment grade rated tenant with a Standard & Poor’s rating of BBB+.
“Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant properties below $5,000,000 are in the greatest demand amongst private investors.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over 2.1 billion of single tenant net lease real estate transactions. From 2010-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com