Available $6,596,000 - 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
- RAPIDLY DEVELOPING AREA
Adjacent to the recently developed Red Apple Town Center with 200,000 square feet of retail and office and 100 residential units
- DIRECTLY IN FRONT OF BARNSTABLE TOWN CENTER
85-Acre proposed mixed use development with 285,000 square feet of grocery-anchored retail and 580 residential units
- ACROSS ROUTE 50 FROM GIBSON’S GRANT
290 unit residential master-planned waterfront community
THE SUBJECT PROPERTY IS A 11,970 SQUARE FOOT CVS LOCATED IN CHESTER, MARYLAND WITH DRIVE-THRU AND MINUTECLINIC. 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 Route 50 and South Piney Road, the subject property is positioned along the area’s main traffic corridor connecting Kent Island to the greater Washington, D.C. and Baltimore MSAs with daily traffic counts in excess of 66,400 vehicles. The site is directly in front of the Barnstable Town Center development, an 85 acre proposed mixed use development consisting of 285,000 square feet of grocery-anchored retail and 580 residential units. The subject property is adjacent to the recently developed Red Apple Town Center, a 200,000 square foot mixed use project consisting of retail, office and 100 residential units. CVS is also positioned directly across Route 50 from Gibson’s Grant, a 290 unit master-planned waterfront community. Other retailers in the immediate area include Safeway, Starbucks, Chick-fil-A, Big Lots, Dollar Tree, PNC Bank, McDonald’s, AT&T, West Marine and a number of others. This affluent community boasts an average household income in excess of $111,000.
- Price: $6,596,000
- Cap Rate: 5.00%
- Lease Term: 20 Years Remaining
- Year Built: 2006
- Building Size: 12,036 SF
- Lot Size: 1.54 Acres
- Status: Available