Available $7,764,000 - 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
- OUTPARCEL TO APPLE VALLEY SQUARE
55,000 square foot retail center anchored by Sharp Shopper and True Value
- HARD CORNER LOCATION WITH DRIVE-THRU
Ideally positioned along the area’s main traffic thoroughfare (27,000 vpd)
THE SUBJECT PROPERTY IS A 11,757 SQUARE FOOT CVS LOCATED IN WINCHESTER, VIRGINIA. 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 along Berryville Avenue, the subject property is positioned as an outparcel to Apple Valley Square, a 55,000 square foot retail center anchored by Sharp Shopper and True Value. CVS is also situated directly in front of Northpark Shopping Center, a 46,000 square foot retail center anchored by Food Lion. Other retailers in the immediate area include Harbor Freight Tools, Food Maxx, McDonald’s, AutoZone, Arby’s, Aaron’s and many more. The site features excellent exposure along Berryville Avenue (27,000 vpd) just west of Interstate 81 (67,000 vpd).
- Price: $7.764,000
- Cap Rate: 5.00%
- Lease Term: 20 Years Remaining
- Year Built: 2006
- Building Size: 11,757 SF
- Lot Size: 1.73 Acres
- Status: Available