California 1031 Exchange Investor Acquires 14,698 Square Foot CVS Pharmacy In Fulshear For $8.06M

The property asset involved in the transaction is a newly built single-tenant CVS Pharmacy located at 6726 Fm 359 South in Fulshear, Texas. The asset encompasses a total square footage of 14,698, with a sale price of $8,057,000, translating to a price per square foot of $548.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $8,057,000
• Square Footage: 14,698
• Address: 6726 Fm 359 South
• Market: Fulshear
• PPSF: $548
• Lease Type: Absolute NNN
• Annual NOI: $463,000
• Investor Type: California-based 1031 exchange investor
• Seller: Preferred CVS developer

Key individuals involved in this transaction include Randy Blankstein, Jimmy Goodman, and John Feeney, all of whom are representatives from The Boulder Group, which brokered the sale. The deal reflects strong investor demand for long-term, passive net lease assets in high-growth submarkets of the Houston area.