Available $3,790,291 - 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
- EXCELLENT EXPOSURE ALONG MAIN TRAFFIC CORRIDOR
Daily traffic counts exceed 19,500 vehicles along Castle Hayne Road
- ONLY DRUG STORE IN THE IMMEDIATE AREA
No direct competition in a five mile radius from either Walgreens or Rite Aid
- HARD CORNER LOCATION WITH DRIVE-THRU
Easily accessible via the main traffic corridor connecting Castle Hayne with the greater Wilmington area
THE SUBJECT PROPERTY IS AN 8,450 SQUARE FOOT CVS LOCATED IN CASTLE HAYNE, NORTH CAROLINA. 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. 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 Castle Hayne Road and Holly Shelter Road, the subject property features excellent exposure along the area’s main traffic corridor with daily traffic counts in excess of 19,500 vehicles. National retailers in the immediate area include Fresh Foods IGA, Hardee’s, Dollar General, Circle K, BB&T Bank and many more. The site features a drive-thru and access points via Castle Hayne Road and Blossom Street.
- Price: $3,790,291
- Cap Rate: 5.15%
- Lease Term: 20 Years Remaining
- Year Built: 2007
- Building Size: 8,450 SF
- Lot Size: 1.87 Acres
- Status: Available