Trophy Dallas Absolute NNN CVS – 24 Hour Store

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Available $12,450,000 - Retail - Single Tenant
Cap Rate:  4.50%Size:  .829 AcresTerm:  24 Print

 Investment Offering & Highlights

  • Absolute NNN Lease (zero landlord responsibilities) with 24 years remaining and no rent holiday
  • Rare 24-hour store with CVS Minute Clinic on-site and beer & wine sales
  • 10% rent increase every 5 years at the start of each renewal option
  • High traffic, hard corner site with drive-thru on the intersection of West Davis Street and North Zang Blvd with combined traffic counts of approximately 25,900 VPD
  • Corporately guaranteed lease by CVS Health Corporation, rated “BBB” by S&P, and ranked #8 on the Fortune 500 with $224 billion in revenues
  • The property is situated on the eastern edge of the trendy and popular Bishop Arts District, known for its hip restaurants & nightlife, independent businesses and art galleries, chic clothing stores, shops and boutiques, historic architecture and colorful street art
  • CVS recently acquired Aetna for $70 billion, with intentions to create an integrated healthcare company whose pharmacy locations could be hubs for medical services while better managing patients, according to Bloomberg
  • Strategically located less than 2.5 miles from Downtown Dallas, less than a mile from Interstate 35E (191,000 VPD), and 7 blocks south of Methodist Dallas Medical Center
  • Robust demographics with a population of 396,400 and an average household income of $73,786 within 5 miles of the property
  • Attractive masonry façade with architectural design elements that are consistent with the historical significance of the surrounding neighborhood
  • Surrounded by newly constructed multi-story residential mixed-use developments suggesting significant redevelopment potential and upside at lease termination

Property Description

Cushman & Wakefield’s Net Lease Group is pleased to offer for sale a freestanding 24-hour CVS Pharmacy with 24 years of firm term remaining on an absolute net lease. The property borders the eastern edge of the trendy and popular Bishop Arts District in the heart of Dallas, known for its walkable streets, hip restaurants & nightlife, independent businesses and art galleries, chic clothing stores, shops and boutiques, historic architecture and colorful street art. Conveniently located just 10 minutes (2.5 miles) from downtown and less than a mile from Interstate 35 (191,000 VPD), the Bishop Arts District is a highly desirable neighborhood for young professionals and the recent surge in popularity has spawned numerous multi-story mixed residential developments in the nearby area. The building is approximately 10,001 square feet and features a prescription drive-thru and 46 available on-site parking spaces on a 0.829 acre lot. The property is leased to CVS Pharmacy, LLC and guaranteed by CVS Health Corporation (S&P ‘BBB’) from March 17, 2018, until January 31, 2044, at a net annual rent of $560,266. The rent increases by 10% at the start of each of the six 5-year options.

Please use the following link to access the full OM: https://www.crexi.com/properties/299877/texas-absolute-net-cvs-24hr-prime-location

Property Location