September 24, 2020
Net leased investment brokerage firm the Boulder Group has arranged the $3 million sale of a retail property net leased to CVS Pharmacy in Gastonia, NC.
Located at 1803 South New Hope Road, the 10,125-square-foot property is in a retail corridor featuring Walmart Neighborhood Market, Bi-Lo, Publix, Walmart Supercenter, Sam’s Club, Lowe’s and Target. The CVS lease has twenty years remaining and features five, 5-year renewal option periods with 5% rental escalations in each option. CVS Pharmacy is the nation’s largest drugstore chain and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
Randy Blankstein and John Feeney of The Boulder Group represented the seller, a West Coast-based real estate fund, in the transaction. The buyer was a private investor.
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