Bridgeport, CT The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS property located at 1875 Boston Ave., for $4.7 million.
The 17,114 s/f building is located along a primary east-west thoroughfare. CVS has a proven operating history at this location and has been at this location since 1992. In 2013, CVS signed a new 25 year lease extension that features rental escalation in each of the four five-year renewal options. CVS also reports high store sales. Other retailers in the area include Family Dollar, Dunkin’ Donuts, McDonald’s, Walgreens and Aaron’s.
The property is also located near Yale New Haven Health Bridgeport Hospital and Bullard-Havens Technical High School which drives continual traffic to the corridor.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The seller was a private real estate investor based in the northeast. The buyer was a northeast based real estate investor in a 1031 exchange.
“CVS drug store properties with proven operating histories continue to garner significant investor interest” said Blankstein.
Goodman said, “Properties with long proven operating history continue to be in demand with all investor classes.”