Available $9,454,000 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NNN LEASE STRUCTURE
Zero Landlord responsibilities for operating or capital expenses
- RARE 10% RENT INCREASES EVERY 5 YEARS
Rare 10% rent increases every 5 years at the start of each renewal option
- CORPORATE BACKED LONG TERM LEASE
CVS signed a 25-year lease in October of 2016 leaving over 21 years remaining on the primary term
- CVS HEALTH CORPORATION RANKED #5 ON 2020 FORTUNE 500
CVS Health Corporation was ranked #5 on the 2020 Fortune 500 list with over $256 billion in annual revenues
- CVS RECENTLY ACQUIRED AETNA FOR $70 BILLION
CVS recently acquired Aetna for $70 billion, with intentions to create an integrated healthcare company whose pharmacy locations could be hubs for medical services while better managing patients, according to Bloomberg
THE SUBJECT PROPERTY IS 13,054 SQUARE FOOT CVS LOCATED IN DALLAS, TEXAS. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN OCTOBER 2016, LEAVING OVER 21 YEARS REMAINING ON THE TENAN’TS INITIAL LEASE TERM.
The lease provides for 10% rent increases between each of the six, 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 $256 billion in 2020.
The property is situated adjacent to Oak Cliff, which is one of Dallas’s most established and densely populated neighborhoods, with over 147,000 residents in a three mile radius and just 5 miles south of downtown Dallas. The site is ideally positioned at the signalized intersection of East Illinois Avenue and South Beckley Avenue, and benefits from its visibility along the areas main traffic artery with combined traffic counts in excess of 43,750 vehicles per day. The site also benefits from its close proximity (two blocks) from Interstate 35, which is the main thoroughfare leading into downtown Dallas experiencing daily traffic counts in excess of 182,590.
CVS is located less than a half mile from Wynnewood Village, a 443,681 square foot regional shopping center anchored by Kroger, Ross Dress for Less, Fallas Paredes, Dollar Tree and many more. Wynnewood Village is one of the oldest shopping centers in Dallas, and serves a large segment of Oak Cliff and Sothern Dallas. Brixmor property Group, who is the current landlord and one of the nation’s largest owners of open-air shopping centers is in the process of completely redeveloping the 65 acre shopping center with an estimated project cost of $30 million. Other national retailers in the immediate area include LA Fitness, O’Reilly Auto, 7-11, Aldi, McDonalds, AutoZone and numerous others.
- Price: $9,454,000
- Cap Rate: 4.75%
- Lease Term: 21 Years Remaining
- Building Size: 13,054
- Lot Size: 2.06 Acres
- Status: Available