ATLANTA—A single-tenant net leased CVS in the Atlanta suburb of Decatur, GA has traded hands. The sale price: $3.6 million.

Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, an East Coast based real estate institution, in the deal. The purchaser was a high net worth family trust.

"The market for well-located net lease properties in top MSAs remains active as these assets are in high demand amongst private investors" says Blankstein, president of Boulder. The net leased asset sits at 4037 Glenwood Road, with over 242,000 people living within a five-mile radius earning average annual household incomes of approximately $60,000. 

Originally constructed in 1999, the 10,125 square foot CVS is located in the Atlanta MSA. The net leased property is located just off of the heavily trafficked signalized intersection of Glenwood Road and Columbia Drive. Glenwood Road is a primary east-west thoroughfare in the area while Columbia Drive is a primary north-south thoroughfare in the area.

"Established properties with proven operating histories continue to garner significant investor interest," says Jimmy Goodman, partner of Boulder. The lease, which was recently extended, has over 21 years remaining. The lease expires on

Jan. 31, 2037.

CVS has successfully operated at this location since 1999. The CVS lease features five 5-year renewal option periods with 5% rental escalations in each. The CVS store is on the smallish side, and David Sobelman, executive vice president and managing partner at Calkain Companies, told us assets will become physically smaller in the net decades.

"By 2050, we'll simply need less ... less office space, less warehouse space and less retail space. We'll have more people around us as the population grows," Sobelman says. "True to the adage, 'less is more.'"