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Boulder Group Arranges 1031 Exchange of CVS Property
The Boulder Group has completed the sale of a single-tenant net leased CVS property at 7929 North Ave. in River Forest, IL. The buyer, a private investor, paid $6.77 million in a 1031 exchange.
Randy Blankstein and Jimmy Goodman of the Boulder Group—who have just been recognized with a Connect Media Top Broker Award—represented the seller, a Midwest-based private partnership.
CVS’ lease at the 10,880-square-foot building has more than 19 years remaining, and features five, five-year renewal options, with a 5% rent escalation clause in each option. With more than 9,800 locations, CVS is the nation’s largest pharmacy chain.
“CVS drugstore properties with proven operating histories continue to garner significant investor interest,” said Blankstein.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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