NORTHBROOK, IL—The Boulder Group, an investment brokerage firm located in suburban Chicago, has just completed the sale of a net leased CVS store at 1203 South Main St. in Bluffton, Indiana, just outside of Ft. Wayne, for $3,100,000.

The 10,125-square-foot CVS was built in 1999 along the primary north-south thoroughfare of the area on a hard corner of a signalized intersection. The CVS also has a drive-thru and Boulder officials say it's a “strong performing store with a low rent to sales ratio.” CVS fully leases the property and has seven years of primary lease term remaining with a rental escalation coming in 2014.

Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership based in the Midwest, in the transaction. The buyer was a high net worth individual in a 1031 Exchange.

This has been a historic year for net leased properties, with cap rates for single-tenant retail outlets sinking to lows not seen in years. Last week, GlobeSt.com reported that the cap rates for single-tenant net leased retail and office properties increased for the first time in two years during the third quarter, according to a reprt from Boulder. The rates for retail, however, only went up 2 bps, from 7.00% to 7.02%.

“The market for CVS properties with shorter term leases remains active as investors are attracted to investment grade rated companies at higher yields,” says Blankstein. Goodman adds that “single-tenant properties below $5,000,000 are in the greatest demand amongst private investors and 1031 buyers.”