Available $3,851,052 - 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
- OUT-PARCEL TO JUNCTION SHOPPES
115,000 square foot retail center anchored by Goodwill and Ross
- EXCELLENT EXPOSURE ON MAIN TRAFFIC ARTERY
Combined daily traffic counts exceed 38,500 vehicles
- ACROSS FROM FRY’S MARKETPLACE
Newly developed 124,000 square foot retail center anchored by Fry’s Food
THE SUBJECT PROPERTY IS A 15,143 SQUARE FOOT CVS LOCATED IN APACHE JUNCTION, ARIZONA. 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 Apache Trail and South Phelps Drive, the subject property is positioned as an out-parcel to Junction Shoppes, a 115,000 square foot retail center anchored by Goodwill and Ross. The site is also across from the newly developed Fry’s Marketplace, a 124,000 square foot center anchored by Fry’s Food. Other retailers in the immediate area include Bealls, Ace Hardware, Starbucks, Wells Fargo, Wendy’s and many more. CVS features exposure and accessibility along Apache Trail, one of the area’s main traffic arteries. Combined daily traffic counts exceed 38,500 vehicles. This densely populated area is home to over 54,000 residents within a three mile radius and over 106,000 residents within a five mile radius.
- Price: $3,851,052
- Cap Rate: 4.85%
- Lease Term: 20 Years Remaining
- Year Built: 2001
- Building Size: 15,143 SF
- Lot Size: 1.69 Acres
- Status: Available