Available $5,307,682 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NET LEASE STRUCTURE
Zero landlord responsibilities for operating or capital expenses
- 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
- APPROXIMATELY 15 MILES FROM DOWNTOWN PHOENIX
Over 149,000 residents within three mile radius and over 375,000 residents within five mile radius
- BELOW MARKET RENT
for Comparable CVS Product within Phoenix MSA
- DIRECTLY ACROSS FROM THE ISLANDS RESIDENTIAL COMMUNITY
Featuring 2,600 residences and 272 multi-family units
- AFFLUENT COMMUNITY
Average household income exceeds $101,000
THE SUBJECT PROPERTY IS A 12,190 SQUARE FOOT CVS LOCATED IN CHANDLER, AZ. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2002, LEAVING APPROXIMATELY 9 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM WITH TEN 5-YEAR RENEWAL OPTIONS THEREAFTER.
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.
Located at the intersection of East Warner Road and North McQueen Road, the subject property is positioned directly across from The Islands residential community, featuring over 2,600 homes and 272 multi-family units. Additionally, CVS is positioned adjacent to Alante of the Islands, a 320 unit multi-family development as well as Madeline Court which is home to 47 single family residences. Situated approximately 15 miles southeast of Downtown Phoenix, the area is densely populated with over 149,000 residents within a three mile radius and over 375,000 residents within a five mile radius. This affluent community boasts an average household income in excess of $101,000.
CVS is ideally positioned across from the Chandler location of Legacy Traditional School, a K through 8 charter school serving over 1,100 students. Additionally, the site is located immediately south of Mesquite High School which is home to over 2,000 students. National retailers in the surrounding community include Walmart Supercenter, Fry’s Food and Drug, Ace Hardware, Starbucks, McDonald’s and many more. The property features excellent exposure and accessibility along two of the area’s main traffic corridors with combined daily traffic counts exceeding 62,600 vehicles.
- Price: $5,307,682
- Cap Rate: 6.00%
- Lease Term: 9 Years Remaining
- Year Built: 2002
- Building Size: 12,190 SF
- Lot Size: 2.49 Acres
- Status: Available