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Views: 145 Updated: 09.27.24 Posted: 07.22.23 Status: Inactive 10.10.24

Summary

Price $10,209,524
Built/Renov 2023
Tenant CVS Pharmacy
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,698
Lease Start 11-01-2023
#Units 9,395
Price/SF $694.62
Expiration 11-01-2048
Tenant Type Pharmacy
NOI $536,000
R. Term 23.11
Ownership Fee Simple
Rent/SF $36.47
Increases 10.0%/5/yrs
Pop 5Mi 158,568
Lot/AC 2.51
Options 6/5yrs/10%
AHHI 5Mi $110,004

Lease Highlights

  • Brand new 2023 construction
  • CVS recently signed a brand new 25-year lease with 6 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee by CVS Corporation (NYSE: CVS)

Location Description

This newly constructed CVS is strategically located at the signalized, hard corner intersection of US Hwy 301 and Balm Road with access to 29,400 vehicles per day. The site is part of the upcoming Sumner Crossing shopping center, which will be home to Starbucks, Lockhart Storage, Woodie’s Wash Shack and more. Sumner Crossing is adjacent to Sumner High School (3,500+ students), which drives...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

CVS Pharmacy, Inc. is an American retail corporation and is the largest pharmacy chain in the United States by number of locations and total prescription revenue. CVS sells prescription drugs and...


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Listing Broker

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