Available $8,982,000 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NET LEASE STRUCTURE
Zero landlord responsibilities for operating or capital expenses
- CORPORATE BACKED LONG TERM LEASE
CVS signed a 25 year lease in October of 2016 leaving 23 years remaining on the initial lease term
- BBB+ CREDIT RATING BY STANDARD & POOR’S
Tenant is publicly traded on the NYSE and reported annual revenues in excess of $184 billion in 2017
- POSITIONED TWO BLOCKS FROM INTERSTATE 35
Main thoroughfare leading into downtown Dallas, with daily traffic counts in excess of 182,000
- ADJACENT TO WYNNEWOOD VILLAGE
A 443,681 SF retail center currently undergoing a $30M redevelopment by Brixmor Properties
- SIGNALIZED HARD CORNER LOCATION WITH DRIVE-THRU
Combined daily traffic counts exceed 43,750 vehicles
- FIVE MILES FROM DOWNTOWN DALLAS
Over 149,000 residents within three mile radius and over 312,000 residents within five mile radius
The subject property is a 13,054 square foot CVS located in Dallas, Texas. CVS signed a 25 year lease which commenced in October 2016, leaving 23 years remaining on the Tenant’s initial lease term.
The lease provides for 10% rent increases between each of the six, 5-year renewal options. The lease is absolute net providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB+ credit rating by Standard & Poor’s and reported annual revenues in excess of $184 billion in 2017.
The property is situated adjacent to Oak Cliff, which is one of Dallas’s most established and densely populated neighborhoods, with over 149,000 residents in a three mile radius and just 5 miles south of downtown Dallas. The site is ideally positioned at the signalized intersection of East Illinois Avenue and South Beckley Avenue, and benefits from its visibility along the areas main traffic artery with combined traffic counts in excess of 43,750 vehicles per day. The site also benefits from its close proximity (two blocks) from Interstate 35, which is the main thoroughfare leading into downtown Dallas experiencing daily traffic counts in excess of 182,590.
CVS is located less than a half mile from Wynnewood Village, a 443,681 square foot regional shopping center anchored by Kroger, Ross Dress for Less, Fallas Paredes, Dollar Tree and many more. Wynnewood Village is one of the oldest shopping centers in Dallas, and serves a large segment of Oak Cliff and Sothern Dallas. Brixmor property Group, who is the current landlord and one of the nation’s largest owners of open-air shopping centers is in the process of completely redeveloping the 65 acre shopping center with an estimated project cost of $30 million. Other national retailers in the immediate area include O’Reilly Auto, 7-11, Aldi, McDonalds, AutoZone and numerous others.
- Price:: $8,982,000
- Cap Rate:: 5.00%
- Lease Term:: 23 Years Remaining
- Building Size:: 13,054 SF
- Year Built:: 2016
- Status:: Available