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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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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