Available $9,993,262 - 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 December 2009 leaving 15.5 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 $209 billion in 2019
- JUST NORTH OF RIMROCK MALL
The State’s largest regional mall consists of 650,000 square feet. Anchor tenants include Dillard’s & JC Penney
- DENSELY POPULATED AREA
Over 100,000 residents within a five-mile radius
- SIGNALIZED HARD CORNER LOCATION WITH DRIVE-THRU
Property provides ingress and egress along both Grand Avenue and North 24th Street
THE SUBJECT PROPERTY IS A CVS PHARMACY LOCATED IN BILLINGS, MT. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN DECEMBER OF 2009, LEAVING APPROXIMATELY 15.5 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM.
This absolute net lease provides zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker sybmol “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 signalized intersection of Grand Avenue and North 24th Street West, the subject property is positioned along two of the area’s main traffic and retail corridors. The property is situated just north of Rimrock Mall, a 650,000 square foot regional mall anchored by Dillard’s, Herberger’s, JC Penney and Wynnsong Cinemas. Other retailer in the surrounding vicinity include Target, TJ Maxx, Lowes, Home Depot, and many more. This densely populated area is home to over 100,000 residents within a five mile radius.
- Price: $9,993,262
- Cap Rate: 5.50%
- Building Size: 13,225 SF
- Year Built: 2009
- Status: Available