Available $7,196,433 - 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 February of 2007 leaving approximately 14 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 $177 billion in 2016
- POSITIONED IMMEDIATELY SOUTH OF BUCKEYE LOGISTIC CENTER
One million square foot distribution center leased to Amazon which was recently expanded
- DENSELY POPULATED AREA
Over 262,000 residents within five mile radius
- SIGNALIZED HARD CORNER LOCATION WITH DRIVE-THRU
Combined daily traffic counts exceed 36,000 vehicles
THE SUBJECT PROPERTY IS A 13,013 SQUARE FOOT CVS LOCATED IN PHOENIX, ARIZONA. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2007, LEAVING APPROXIMATELY 14 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM.
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 $177 billion in 2016.
Located at the signalized intersection of West Lower Buckeye Road and South 67th Avenue, the subject property is positioned immediately south of Buckeye Logistics Center, a one million square foot distribution center leased to Amazon which was recently expanded to accommodate the tenant’s growth. The surrounding area is heavily populated with additional distribution centers of national retailers including Gap, TJ Maxx, Home Depot and many more. The property features excellent exposure along two of the area’s main traffic arteries with combined daily traffic counts exceeding 36,000 vehicles. This densely populated area is home to over 262,000 residents within a five mile radius.
- Price: $7,196,433
- Cap Rate: 6.38%
- Lease Term: 15 Years
- Year Built: 2006
- Building Size: 13,013 SF
- Lot Size: 2.25 Acres
- Status: Available