Boulder Group Closes Sale of CVS Connecticut Property

President Randy Blankstein and Partner Jimmy Goodman represented both the seller and the buyer of the 17,114-square-foot building.
CVS. Image courtesy of The Boulder Group
CVS. Image courtesy of The Boulder Group

After recently arranging the sale of a 55,650-square-foot retail asset in Lone Tree, Colo., The Boulder Group President Randy Blankstein and Partner Jimmy Goodman closed the sale of a single-tenant net leased CVS property in Bridgeport, Conn. The brokerage company acted on behalf of both parties. A private real estate investor from the northeast purchased the 17,114-square-foot building in a 1031 exchange, for $4.7 million.

Located at 1875 Boston Ave. along a primary east-west thoroughfare, the drug store chain has been occupying the space since 1992. Family Dollar, Dunkin’ Donuts, McDonald’s, Walgreens and Aaron’s are among the other retailers in the same corridor. CVS is near a hospital and a high school, an area which is driving continual traffic.

Seven years ago, the pharmacy chain extended its lease at the property by 25 years. The lease contract features rental escalation in each of the four five-year renewal options.

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.