The Boulder Group Arranges Sale of Metro Atlanta Retail Asset
- Oct 23, 2019
The Boulder Group has brokered the sale of a 12,990-square-foot building net leased to CVS in Newnan, Ga., for $4 million. President Randy Blankstein and Partner Jimmy Goodman represented the seller, a Colorado-based individual, in the deal. The buyer was a private investor in a 1031 tax exchange. According to Coweta County records, the asset last traded in 2013 for $3.8 million.
Situated on nearly 2 acres at 1035 Lower Fayetteville Road, the property is 3.4 miles east of downtown Newnan, close to Interstate 85 and part of a retail corridor that features Publix, Kroger, Walmart, Lowe’s, Home Depot, BJ’s Wholesale, Kohl’s, Ross Dress for Less and TJMaxx. The drugstore is also situated immediately south of Newnan Crossing, a 123-acre mixed-use development including 300 living units.
CVS Pharmacy will remain the building’s sole tenant until 2033 under a lease with 5-year renewal option. The drugstore serves a population of more than 41,000 living within a 3-mile radius and having an average household yearly income of more than $70,000.
The Boulder Group recently brokered another retail transaction near New Orleans. The brokerage firm worked on behalf of both parties in the sale of a Goodwill store.
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