ORLANDO—Net leased properties are trading left and right in Florida. Earlier this week, Calkain announced it has closed $63 million worth of net leased portfolios in the past 45 days. Now, Boulder Group is announcing the $2.675 million sale of a single tenant CVS property in Orlando.

Located at 1201 E Colonial Drive, CVS is the sole occupant of the 10,767-square-foot retail building. The net leased property was developed in 1996 and is positioned at a signalized intersection that sees traffic volumes in excess of 73,500 vehicles per day.

Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. The seller was a private individual based in the Midwest and the buyer was private individual based on the East Coast.

“The market for net leased CVS properties with shorter term leases and strong sales remains active as investors are attracted to the higher yield these assets generate,” says Blankstein, president of Boulder. CVS had four years remaining on the initial lease term at the point of sale.

“Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” says Goodman, a Boulder partner. The net leased property is located close to Downtown Orlando in a dense area with more than 260,000 people living within five miles.

The CVS location also benefits from a strategic location in a retail trade area anchored by three retail power centers: Orlando Fashion Square, Colonial Plaza and Colonial Marketplace. Nearby retailers include Target, Publix, Macy's, Dillard's, Bed Bath & Beyond, and LA Fitness. The CVS has a drive-thru and is a strong performing store with a low rent to sales ratio.