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Views: 79 DOM: 293 Updated: 10.10.24 Posted: 01.27.24 Status: Active

Summary

Price $11,315,600
Built/Renov 2024
Tenant CVS Pharmacy
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,856
Lease Start 04-01-2024
#Units 9,395
Price/SF $761.69
Expiration 01-31-2045
Tenant Type Pharmacy
NOI $594,069
R. Term 20.2
Ownership Fee Simple
Rent/SF $39.99
Increases 10.0%/20/yrs
Pop 5Mi 81,675
Lot/AC 2.10
Options 6/5yrs/10%
AHHI 5Mi $98,713

Lease Highlights

  • Brand-new construction | Expected to open April 2024
  • CVS recently executed a new 20-year lease with 6 (5-year) options to extend
  • The lease features 10% rental increases at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

CVS is positioned with excellent access and visibility at the signalized intersection of Sumter County Road 466A (17,300+ VPD) and Powell Road (10,600+ VPD), just a mile from U.S.-301 (28,000+ VPD). The site is across Sumter County Road 466A from Arby’s and Dollar Tree, and is immediately adjacent to the Winn-Dixie anchored Pinellas Plaza (95,694 SF), which is further occupied by Walgreens,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: CVS Pharmacy
  • Guarantor:Corp T and Rated
  • Company:CVS Health Corporation
  • # Units:9,395
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: CVS

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...


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Listing Broker

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