Available $4,664,523 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NET LEASE STRUCTURE
Zero landlord responsibilities for operating or capital expenses
- BBB CREDIT RATING BY STANDARD & POOR’S
Tenant is publicly traded on the NYSE and reported annual revenues in excess of $193 billion in 2018
- ONE BLOCK FROM LAKE BEHAVIORAL HOSPITAL
149-bed facility currently undergoing a $30.2 million renovation
- 3 MILES EAST OF SIX FLAGS GREAT AMERICA
A major consumer draw to the trade area with over 2.95 million visitor annually
- EXCELLENT EXPOSURE ALONG MAIN TRAFFIC ARTERIES
Combined daily traffic counts exceed 59,600 vehicles
- DENSELY POPULATED AREA
Over 109,000 residents within a three mile radius and over 168,000 residents within a five mile radius
THE SUBJECT PROPERTY IS A 11,414 SQUARE FOOT CVS LOCATED IN WAUKEGAN, IL. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2002, LEAVING APPROXIMATELY NINE YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM WITH TEN 5-YEAR RENEWAL OPTIONS THEREAFTER.
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 Washington Street and South Green Bay Road, the subject property features exposure and accessibility along two of the area’s main traffic arteries. Combined daily traffic counts exceed 59,600 vehicles. CVS is ideally positioned approximately one block from Lake Behavioral Hospital, a 146-bed facility currently undergoing over $30.2 million in transformative renovations. Six Flags Great America, located three miles east of the subject property on Washington Street, is one of the area’s main attractions with over 2.95 million visitors annually. Ideally positioned midway between Downtown Chicago and Milwaukee, this densely populated area is home to over 109,000 residents within a three mile radius.
- Price: $4,664,523
- Cap Rate: 6.25%
- Lease Term: 9 Years Remaining
- Year Built: 2002
- Building Size: 11,414 SF
- Lot Size: 1.32 Acres
- Status: Available