The Boulder Group Arranges Florida Retail Transaction
The firm’s Randy Blankstein and Jimmy Goodman brokered the sale of the single-tenant retail facility located in West Palm Beach.
CVS Pharmacy. Image courtesy of The Boulder Group
The Boulder Group has arranged the sale of a 12,739-square-foot single-tenant retail facility in West Palm Beach, Fla., for $5.2 million. President Randy Blankstein and Partner Jimmy Goodman represented the seller, a Southwest-based investor. The retail space is net leased to CVS Pharmacy until July 2027, with a five-year renewal option.
Situated at 245 S. Military Trail, the facility is just off the intersection of freeways 98 and 809, within the retail corridor hosting Publix, Walmart Supercenter, Chase, TD Bank and 7-Eleven. Additionally, the property is positioned within a densely populated infill location; approximately 320,000 people live within a 5-mile radius.
Blankstein recently broke down what the decrease in cap rates for the single-tenant net lease sector means for the industry. Cap rates have decreased across all three major sectors (retail, office and industrial) in the third quarter of 2019. The retail sectors compressed by 2 basis points to 6.21 percent, according to Blankstein.
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