Available $8,900,000 - Retail - Single Tenant
Investment Offering & Highlights
- RECENT LEASE EXTENSION
CVS recently exercised their first option period showing their long term commitment to the site
- 10% RENT INCREASES
Lease provides for 10% rent increases between each of the four 5-year renewal options
- 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
- LOCATED IN THE HEART OF THE LOS ANGELES MSA
Property is ideally positioned at the foot of the Palos Verdes Peninsula
- HARD CORNER LOCATION ON PACIFIC COAST HIGHWAY
Ideally positioned along the area’s main retail and traffic thoroughfare (61,000 vpd)
- DENSELY POPULATED AREA
Over 198,000 residents within a 3-mile radius and over 450,000 residents with a 5-mile radius
- AFFLUENT AREA DRAWING FROM RANCHO PALOS VERDES, ROLLING HILLS AND REDONDO BEACH
Average household income within a 5-mile radius exceeds $112,000
THE SUBJECT PROPERTY IS A 14,884 SQUARE FOOT CVS LOCATED IN THE LOS ANGELES COMMUNITY OF LOMITA, CALIFORNIA. CVS RECENTLY EXERCISED THEIR INITIAL OPTION PERIOD EXTENDING THE LEASE UNTIL AUGUST OF 2025 LEAVING 6 YEARS REMAINING ON THE FIRM LEASE TERM. THE LEASE IS STRUCTURED WITH 10% RENT INCREASES BETWEEN EACH OF THE OPTION PERIODS.
The lease has limited landlord responsibilities with the Tenant responsible for all repairs and maintenance of the non-structural portions of the property including the roof. 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 Pacific Coast Highway and Eshelman Avenue, the subject property features excellent exposure along the area’s main traffic and retail corridor with daily traffic counts in excess of 61,000 vehicles. CVS is approximately one mile from Rolling Hills Plaza, a 500,000 square foot mixed-use hub of shopping and entertainment for the South Bay. This densely populated area is home to over 198,000 residents within a three mile radius and over 450,000 residents within a five mile radius.
The property is located at the foot of the Palos Verdes Peninsula, drawing from the affluent communities of Rancho Palos Verdes, Rolling Hills and Palos Verdes Estate as well as Redondo Beach and the Hollywood Riviera. Average household income in excess of $112,000 within a five mile radius.
- Price: $8,900,000
- Cap Rate: 5.25%
- Building Size: 14,884 SF
- Year Built: 2000
- Status: Available