BIRMINGHAM, AL–A single-tenant, net-leased CVS property has traded hands for $5.9 million. The Boulder Group represented the seller, a Midwest-based high net worth individual, The buyer was a private real estate investment company.
The 10,880-square-foot building was built in 2003. CVS has ten years of lease term remaining on the original 20-year lease.
“Properties leased to investment grade rated tenants with scheduled rental escalations, like this CVS, will continue to be sought after as a hedge against inflation,” says Randy Blankstein, president of The Boulder Group.
The property is located 20 miles southwest from Birmingham in Bessemer, AL, at 2901 Morgan Rd. The CVS is situated in an affluent area with average annual household income of more than $104,000 per year.
“Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” says Jimmy Goodman, partner of The Boulder Group.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
