The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant CVS Pharmacy located at 1220 Horizon Road in Rockwall, Texas for $6,200,000.
The 11,421-square-foot CVS pharmacy building is located at the corner of a signalized intersection along Horizon Road (19,600+ VPD) and Ridge Road (25,100+ VPD), which is a primary thoroughfare. The property features a drive-thru pharmacy and is located in a dominant retail corridor with tenants such as Academy Sports and Outdoors, Best Buy, The Home Depot, JC Penney, Kohl’s, Lowe’s Home Improvement, Target, T.J. Maxx, and Walmart Supercenter. Other retailers in the area include Chase Bank, Chili’s Grill & Bar, Culver’s, Dollar Tree, IHOP, and In-N-Out Burger.
There are more than 97,000 people living within 5 miles with an average household income in excess of $117,000 annually.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a southwest based real estate firm and the buyer was an east coast based 1031 exchange investor.
CVS Pharmacy has more than 19 years remaining on their lease at this location. CVS Pharmacy is the nation's drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
“CVS drug store properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net leased assets located in tax-free states, like Texas, are at the forefront of 1031 investor’s acquisition criteria.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:3520 Lake Avenue Suite 203
Country: United States