(Wilmette, IL- October 16, 2020) – The Boulder Group, a net leased investment brokerage firm completed the sale of a single-tenant CVS Pharmacy located at 1220 Horizon Road in Rockwall, Texas for $6,200,000. The 11,421 square-foot CVS Pharmacy building is located at the corner of a signalized intersection along Horizon Road (19,600+ VPD) and Ridge Road (25,100+ VPD), which is a primary thoroughfare. The property features a drive-thru pharmacy and is located in a dominant retail corridor with tenants such as Academy Sports and Outdoors, Best Buy, The Home Depot, JC Penney, Kohl’s, Lowe’s Home Improvement, Target, T.J. Maxx, and Walmart Supercenter. Other retailers in the area include Chase Bank, Chili’s Grill & Bar, Culver’s, Dollar Tree, IHOP, and In-N-Out Burger. There are more than 97,000 people living within 5 miles with an average household income in excess of $117,000 annually. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a southwest based real estate firm and the buyer was an east coast based 1031 exchange investor. CVS Pharmacy has more than 19 years remaining on its lease at this location. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. “CVS drug store properties with proven operating histories continue to garner significant investor interest,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net leased assets located in tax-free states, like Texas, are at the forefront of 1031 investor’s acquisition criteria.”

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

Tomlin Investments has repositioned its company for the future development of the $2 billion master-planned community underway in Celina. Now in its 50th year of operation, the company has been quietly putting together large land swaths in all directions, arranging for infrastructure, and getting them ready for development. “We have the ability to envision the most profitable future land use, then obtain proper zoning and plan for utilities to maximize value,” said Dan Tomlin. “It takes a lot of time and patience. It’s what we did with Lone Star Ranch in the ‘90s and it’s what we’ll do with our next projects.” With construction underway at Green Meadows, initial lots and a $4.5 million amenity center, are scheduled for completion by the end of 2020. The first phase of Green Meadows will include 396 homes from the mid $200s by Castlerock Communities, Gehan Homes, Pacesetter Homes, and Stonehollow Homes. The community will have approximately 4,500 homes at build-out. Ted Wilson, head of Residential Strategies, a market research firm, says Celina has been one of DFW’s fastest-growing areas. “Six years ago, the area was producing under 100 new home starts per year,” said Wilson. “Today, Celina is the fourth most active new home market in DFW with almost 1,500 starts per year. Click to read more at www.dmagazine.com.

Stan Johnson Company has completed the sale of a freestanding retail building located at 3569 Northwest Centre Drive in Fort Worth. The 16,000 square-foot property was built in 2020, and it is fully leased to Harbor Freight Tools. Stan Johnson Company’s Mike Sladich, Joey Odom, Maggie Holmes, and Mollie Alteri represented the seller, a developer based in South Carolina. Jimmy Ullrich of Stan Johnson Company represented the South Florida, 1031 exchange buyer. The property traded at a 5.90 percent cap rate for nearly $6 million. “Harbor Freight Tools is a rapidly expanding tenant that has thrived during COVID-19, and this sale sets another benchmark for ‘essential retail’ cap rates,” said Sladich, senior director and partner in Stan Johnson Company’s Atlanta office. “We have continued to receive significant demand from buyers for this sector and expect cap rates to remain aggressive.” The property was built on 1.62 acres and opened in summer 2020. It features a long-term double net lease and is backed by a corporate guaranty.

KAI Enterprises, a nationally recognized architecture, engineering and construction firm, has subleased 12,648 square feet of office space in Irving, Texas. CBRE represented KAI in the deal with Cushman & Wakefield representing ownership. Headquartered in St. Louis, KAI is one of the largest Black-owned businesses in the country. The company has been operating in Texas since 1999. KAI plans to occupy the new space by November 1. KAI will consolidate their two existing offices in the Dallas-Fort Worth metroplex into the new space at 5010 Riverside Commons. The company made this decision to have more space for company expansion and to enhance the overall company office culture. The new office space will serve as their Texas hub as they continue to grow and build off of the energy in North Texas. “In a market as fluid and ever-changing as North Texas, we were presented with several hidden gems that allowed us to make the right decision for KAI,” said Darren L. James, FAIA, president of KAI. “With the help of the CBRE team, we were able to discern and find space in our desired geographic area with the office-feel we were looking for. We are excited about the location and environment as KAI continues to invest in our people and Texas.” CBRE’s Josh White, Chelby Sanders and Ryan Buchanan represented KAI in the sublease negotiations. Travis Boothe with Cushman & Wakefield represented Riverside Commons. “In the midst of an uncertain real estate market, KAI is expanding and planting a flag in North Texas,” said White, executive vice president with CBRE. “KAI’s commitment to their people is evident by the investment they are making to create an environment that allows an already great company and culture to flourish.” Centrally located, Riverside Commons is ideal for KAI’s workforce, who were previously located between KAI’s two offices in Dallas and Arlington. With extensive build outs from the previous tenant, KAI will only need to add their own corporate touches and will be able to take occupancy quickly.

MPEDC is excited to finally go public the following video & images of Anderson Towne Crossing. The 117-acre mixed-use development will redevelop/re-purpose an underutilized City-owned lake (former City water supply) & leverage a high-traffic location along Interstate 30 & Highway 271 to bring new commercial & housing opportunities to Mount Pleasant, TX. A 64,000 SF Atwoods kicked off the project (target opening date of November 2020) and development is expected to begin in mid-2021 on Anderson Towne Center. Developer: Emersons Commercial Real Estate (Craig Wagner, VP Investment, Sales, & Leasing.) Click to read more at www.mpedc.org.

CBRE facilitated the sale of a single-tenant, 39,324 square foot office building located at Parkwood Village in Plano, Texas. The building was developed by Dallas-based LandPlan Development and St. Ives Realty. The partnership sold the property located at 8454 Parkwood Boulevard to an international investor for an undisclosed sum. Located in the middle of the Legacy submarket’s dense business and retail corridor, the building is in close proximity to the Legacy West and Granite Park business parks. Tenants are right across the Tollway from two premier shopping centers, The Stonebriar Centre and the Shops at Legacy, giving them easy access to a variety of dining and retail options including Nordstrom, Shake Shack, Mesero, Sephora and Tesla. The building is fully occupied by a Fortune 500 logistics company. The tenant moved into the newly constructed space in 2018 and expanded into the entire building in 2020 after signing a new 10-year lease, offering the buyer stable rent income over the next decade. “This asset had tremendous interest pre-COVID from both local and international investors,” said Michael Austry, first vice president with CBRE. “CBRE’s Deal Flow platform allowed us to have a competitive bidding process, which ultimately found a very motivated buyer who performed. We were excited to close in the middle of a global pandemic with no price concessions. That just shows the strength of this building, tenant and the Plano market.” Austry and Jared Aubrey with CBRE Capital Markets represented the seller in the transaction.