Available $5,194,086 - 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 25 year lease in 2006 leaving approximately 13 years remaining on the initial lease term
- 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
- 2 MILES FROM TEXAS TECH UNIVERSITY
Globally recognized university home to over 37,000 students and 1,760 faculty members
- JUST SOUTH OF LUBBOCK’S MEDICAL CENTER
Over 3.6 million square feet of medical and office space
- APPROXIMATELY 2 MILES NORTH OF SOUTH PLAINS MALL
1.1 million square foot regional mall anchored by Dillard’s, Bealls & JC Penney
THE SUBJECT PROPERTY IS A 12,935 SQUARE FOOT CVS LOCATED IN LUBBOCK, TX. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2006, LEAVING OVER 13 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM.
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 US-82 Frontage Road and Slide Road, the subject property is situated along two of the area’s major traffic arteries. The site is easily accessible via Marsha Sharp Freeway, Lubbock’s primary east-west freeway providing access to downtown Lubbock. The property is positioned approximately two miles from Texas Tech University, a 1,839 acre campus that is home to 37,000 students and 1,760 faculty members. The City’s Medical District, located two miles north of CVS, houses over 3.6 million square feet of medical and office space and the Covenant Medical Center. CVS is also located approximately two miles north of South Plains Mall, a 1.1 million square foot regional mall anchored by Dillard’s, Bealls and JC Penney. This densely populated area is home to over 102,000 residents and over 224,000 residents within a three and five mile radius, respectively.
- Price: $5,194,086
- Cap Rate: 6.34%
- Lease Term: 13 Years Remaining
- Year Built: 2006
- Building Size: 12,935 SF
- Lot Size: 2.18 Acres
- Status: Available