Available $3,694,200 - 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 new 20 year lease underscoring their long term commitment to the site
- BBB CREDIT RATING BY STANDARD & POOR’S
Tenant is publicly traded on the NYSE and reported annual revenues in excess of $209 billion in 2019
- DIRECTLY ACROSS FROM UNIVERSITY HILLS SHOPPING CENTER
89,400 square foot retail center anchored by United Supermarket and Dollar General
- RELOCATION STORE
The site is a relocation store from a previous inline space directly across NE 10th Street in University Hills Shopping Center
- HARD CORNER LOCATION WITH DRIVE-THRU
Easily accessible via the area’s main traffic corridors with combined daily traffic counts in excess of 20,200
THE SUBJECT PROPERTY IS A 9,800 SQUARE FOOT CVS LOCATED IN ABILENE, TX. CVS HAS SHOWN LONG TERM COMMITMENT TO THE SITE HAVING EXECUTED A NEW 20 YEAR FIRM LEASE TERM WHICH RUNS THROUGH 2039. THE LEASE IS STRUCTURED WITH FIVE PERCENT RENT INCREASES BETWEEN EACH OF THE FOUR 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 $209 billion in 2019.
Located at the intersection of North Judge Ely Boulevard and Northeast 10th Street, CVS is positioned in the area’s main retail hub directly across from University Hills Shopping Center, an 89,400 square foot retail center anchored by United Supermarket and Dollar General. The subject property is a relocation store from an inline space that CVS previously operated in that shopping center. Other retailers in the immediate area include Anytime Fitness, Walgreens, McAllister’s Deli, Subway, Arby’s and numerous others. The site is accessible via both of the area’s main traffic arteries with combined daily traffic counts in excess of 20,200 vehicles. This densely populated area is home to over 37,000 residents within a three mile radius and over 80,000 residents in a five mile radius.
- Price: $3,694,200
- Cap Rate: 5.00%
- Lease Term: 20 Years Remaining
- Year Built: 2006
- Building Size: 9,800 SF
- Lot Size: 1.21 Acres
- Status: Available