Available $3,355,340 - 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 TIGHT SQUEEZE PLAZA
106,000 square foot retail center anchored by Food Lion, Roses and Dollar General
- HARD CORNER LOCATION WITH DRIVE-THRU
Ideally positioned along the area’s main traffic thoroughfare (17,600 vpd)
THE SUBJECT PROPERTY IS A 11,954 SQUARE FOOT CVS LOCATED IN CHATHAM, VIRGINIA. 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 US Highway 29 and Fairview Road, the subject property is positioned directly across from Tight Squeeze Plaza, a 106,000 square foot retail center anchored by Food Lion, Roses and Dollar General. Other national retailers in the area include McDonald’s, Advance Auto Parts, BB&T, Verizon and more. CVS features excellent exposure along US Highway 29 which boasts daily traffic counts in excess of 17,600 vehicles.
- Price: $3,355,340
- Cap Rate: 5.15%
- Lease Term: 20 Years Remaining
- Year Built: 2006
- Building Size: 11,945
- Lot Size: 2.14 Acres
- Status: Available