Available $4,896,907 - 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 SAN MAR PLAZA
185,000 square foot retail center anchored by Conn’s, Hobby Lobby, Tractor Supply and Dollar General
- APPROXIMATELY ONE MILE FROM TEXAS STATE UNIVERSITY
Home to over 38,600 students and 2,750 employees
- EXCELLENT EXPOSURE ALONG HIGHWAY 80 (35,000 VPD)
Just off Interstate 35 (87,300 VPD)
THE SUBJECT PROPERTY IS A 12,132 SQUARE FOOT CVS LOCATED IN SAN MARCOS, TX. 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. 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 along Highway 80, immediately off Interstate 35, the property is approximately one mile from Texas State University, a globally recognized university with over 38,600 students and the city’s top employer with over 2,750 employees. The subject property is situated directly across from San Mar Plaza, a 185,000 square foot retail center anchored by Hobby Lobby, Tractor Supply and Dollar General. CVS is also positioned directly across from a Walmart Supercenter and adjacent to a Raising Cane’s and Dairy Queen. The site is directly across Interstate 35 from the Lyndon development at Springtown Center, a mixed-use project with 320,000 square feet of ground floor retail space and 233 residential units project4ed to house up to 515 students. This densely populated area is home to over 50,000 residents within a three mile radius.
- Price: $4,896,907
- Cap Rate: 4.85%
- Lease Term: 20 Years Remaining
- Year Built: 2006
- Building Size: 12,132 SF
- Lot Size: 0.998 Acres
- Status: Available