The Boulder Group Arranges Sale of Net Leased CVS Pharmacy in Williamsburg, Virginia Within the Virginia Beach MSA

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased CVS pharmacy located at 700 Merrimac Trail in Williamsburg, Virginia for $2,200,000. The 9,963-square-foot property sits on 2.62 acres within the Virginia Beach MSA. CVS has continuously operated at 700 Merrimac Trail in Williamsburg, Virginia since 1998, having executed multiple lease renewals that demonstrate long-term commitment to the location.
The CVS pharmacy at 700 Merrimac Trail in Williamsburg, Virginia is positioned along Merrimac Trail, which carries approximately 14,000 vehicles per day. The property is within close proximity to Interstate 64, which experiences approximately 70,000 vehicles per day. The CVS serves as a shadow anchor to James-York Plaza, located directly across Merrimac Trail and occupied by Food Lion, Rent-A-Center, Subway, Dollar Tree, and Metro by T-Mobile. Additional national retailers and businesses near the property include Wawa, 7-Eleven, O'Reilly Auto Parts, AutoZone, Family Dollar, Sherwin-Williams, DaVita, Dollar General, McDonald's, NTB, and Cadillac Chevrolet dealerships. The property is located just minutes from the College of William and Mary, which enrolls over 9,700 students. Yorktown Naval Weapons Station, a primary East Coast hub for the U.S. Navy, is also nearby. Golden Horseshoe Golf Club at Colonial Williamsburg and the Williamsburg Capitol Building are additional regional attractions in the immediate area. The average household income within five miles of 700 Merrimac Trail exceeds $131,000. Over 55,000 people reside within a five-mile radius of the property. Williamsburg is part of Virginia's Historic Triangle alongside Jamestown and Yorktown and attracts millions of tourists annually to destinations including Colonial Williamsburg and Busch Gardens.

Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a Northeast-based real estate company. The buyer was a Southeast-based investment firm.

The lease at 700 Merrimac Trail in Williamsburg, Virginia is structured as an absolute NNN lease, requiring zero landlord responsibilities for property taxes, insurance, or maintenance. The lease expires on January 31, 2029, leaving approximately three years of remaining term. CVS most recently renewed this lease in 2022, further underscoring the tenant's commitment to the Williamsburg location. The lease contains four 5-year renewal options, providing a total potential occupancy extending through 2049. The lease does not include rental escalations during the current or option terms.

CVS Health Corporation is headquartered in Woonsocket, Rhode Island and was originally established in 1963 as Consumer Value Stores. The company operates more than 9,000 retail pharmacy locations across the United States and employs over 300,000 people nationwide. CVS Health provides healthcare services through several major business segments, including its retail pharmacy division, the CVS Caremark pharmacy benefit management platform, more than 1,000 MinuteClinic walk-in care locations, and comprehensive health insurance offerings through Aetna, which it acquired in 2018. CVS Health serves approximately 27.1 million medical members and processes more than 464 million pharmacy claims annually. CVS Health Corporation carries an investment-grade credit rating.

"Net leased pharmacy properties backed by investment-grade tenants with proven operating histories continue to attract strong investor interest, particularly when positioned in established retail corridors within recognized MSAs like the Virginia Beach MSA," said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "CVS's decision to execute multiple lease renewals at the property since 1998, including the most recent renewal in 2022, signals meaningful tenant commitment and was a compelling factor that generated competitive buyer interest throughout the marketing process." John Feeney, Senior Vice President of The Boulder Group, noted, "The buyer was attracted to the passive NNN lease structure with zero landlord responsibilities, the investment-grade tenancy, and the property's strong positioning within an affluent community where average household incomes exceed $131,000 within five miles."

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 $11 billion of single tenant net lease real estate transactions. From 2013-2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.

More info: www.bouldergroup.com [https://www.bouldergroup.com/]

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Company Name: The Boulder Group
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City: Wilmette
State: Illinois
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