Category: Editorial

The Boulder Group Arranges Sale of Net Leased CVS Pharmacy in the Houston MSA

Posted on by Sarah

(Wilmette, IL- November 30, 2020) – The Boulder Group, a net leased investment brokerage firm completed the sale of a single-tenant CVS Pharmacy located at 5757 New Territory Boulevard in Sugar Land, Texas for $2,957,500. The 10,906 square foot building is located adjacent to the Grand Parkway interchange (44,973 VPD), a primary north-south thoroughfare. Retailers within the same stretch include Chase Bank, Chevron, 7-Eleven, GNC, and Extra Space Storage. The CVS property is located within the Houston MSA – ranked #5 for population size in the United States. Sugar Land is a southwest suburb of Houston and only 20 miles from downtown. There are 182,706 people living within 5 miles of the property with an average annual income of $137,942. Jimmy Goodman and John Feeney of The Boulder Group represented both sides in the transaction. The buyer was a New York based investor involved in a 1031 exchange and the seller was a Texas based developer. The CVS lease has over 11 years remaining and features four 5-year renewal option periods with $0.50 psf rental escalations in each option. CVS Pharmacy is the nation’s largest drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. CVS is an investment grade rated tenant (S&P: BBB). “CVS drug store properties with proven operating histories continue to garner significant investor interest” said Jimmy Goodman, Partner of The Boulder Group.  John Feeney, Senior Vice President of The Boulder Group, added, “Properties near large metropolitan areas remain in demand with all investor classes, especially with tenants such as CVS.”


About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com

Maverick Commercial Mortgage Closed A $4,500,000 First Mortgage on Oak Haven Estates Manufactured Housing Community Located in Arlington, Texas

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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the first mortgage for Oak Haven Estates Manufactured Housing Community. Oak Haven Estates is located at 415 North East Street in Arlington, Texas. The subject property is located on the east side of North East Street, and the west side of Truman Street just southeast of Cowboys Stadium. The mobile home park is situated on 9.05 acres. The site is improved with 98 mobile home pads. The site features driveways and full utility hook-ups for each unit and is within close proximity to schools and shopping. The property features asphalt roads, street lights, city water and sewer, concrete parking and many mature trees. The 10-year fixed-rate first mortgage was limited to 71% loan to value. The loan was non-recourse and amortized over a 30- year period. Proceeds from the first mortgage paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. The loan was funded by a national lender.

About Maverick Commercial Mortgage, Inc.

Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle market real estate developer and investor clients. Please contact Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.

SOLD 2551 Ephriham Avenue, Fort Worth, Texas to Savers Cost Plus Supermarket

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Fallas Borrower, IV, LLC sold their 24,833 square foot building at 2551 Ephriham Avenue, Fort Worth, Texas to Savcorp, Ltd. Dba Savers Cost Plus Supermarket. Shawn Ackerman, President of Henry S. Miller Brokerage Houston office represented the Seller and Troy Morgan, Principal with Structure Commercial represented the Buyer.

Investors Purchase 1111 Fannin Office Tower in Downtown Houston

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JLL Capital Markets completed the sale of 1111 Fannin, a 17-story, 428,629-square-foot office tower located in the heart of Houston’s central business district. JLL represented the seller and procured the buyers, Triten Real Estate Partners and Taconic Capital Advisors. Terms of the deal were not disclosed. “We are very excited to close on this opportunity with Taconic,” said Scott Arnoldy, managing partner at Triten Real Estate Partners. “1111 Fannin represents one of the best redevelopment opportunities in downtown Houston. The project is well-located within the CBD, has direct access to the tunnel system and is steps away from an incredible slate of amenities, including Discovery Green, the Four Seasons Hotel and the Green Street development. More importantly our basis will allow us to offer a completely unique experience at a dramatic discount to current market rents. It’s also an attractive option for any user looking to control their own environment.” “We have selected HPA Architecture out of Chicago to help us conceptualize the possibilities of the building,” Arnoldy said. “HPA has worked on notable creative office developments and re-developments across the country including HQ buildings for two of the big five tech companies nationally. We look forward to working with HPA to design an experience that will meet the rapidly changing needs of the market.” 1111 Fannin, which is 100 percent leased to a single investment-grade tenant, features a podium-style design with center-core floor plates that average 31,500 square feet. On-site amenities include a conference center, card key access, 24/7 security and an attached parking garage. The property has direct access to Houston’s tunnel network, which features more than seven miles of underground, climate-controlled walkways with retail and dining amenities. Additionally, the property’s location in the heart of Houston’s CBD affords it quick access to a variety of amenities and attractions, including The Shops at Houston Center, The George R. Brown Convention Center, Market Square, Minute Maid Park and the Toyota Center. 1111 Fannin also has direct access to Houston’s highway system as its centrally located between Interstates 10, 45 and 69, providing connectivity to the greater Houston area. The JLL Capital Markets team representing the seller was led by senior managing director Dan Miller, senior director Martin Hogan and analyst Ethan Goldberg.