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.
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