PLANO, TEXAS — The Boulder Group has arranged the sale of a single-tenant, net leased CVS/pharmacy located at 5920 W. Park Blvd. in Plano for $10.2 million. The trophy property was sold at a 4.8 percent cap rate, which is the lowest cap rate for a drug store property sold in 2015 outside of California, according to Real Capital Analytics. The 13,146-square-foot CVS is located at the intersection of West Park Boulevard and Parkwood Boulevard. The signalized intersection sees approximately 50,000 vehicles per day. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest, in the transaction. The purchaser was an individual utilizing a 1031 exchange. There are 21 years remaining on the CVS net lease, which features a 5 percent rental escalation in each of six five-year renewal option periods.
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