CVS
- $2,068,421
Overview
- CVS
- $2,068,421
- 4.75%
- 13.7 Years
- 10% Every 5 Years (Option Periods)
- Abs. NNN
- 9/12/2003
- 1/31/2040
- 10,200
- 2003
- 1.27
- Corporate
- None
- 101 East Main Street, Locust, NC 28097
Description
Stonecliff has been exclusively engaged to solicit offers for the sale of a CVS Pharmacy located at 101 East Main Street in Locust, NC, within the high-growth Charlotte MSA. This +/- 10,200 SF freestanding store sits on 1.27 acres at the signalized intersection of E Main Street and N Central Avenue, with combined traffic counts of ~28,800 VPD. Corporate-guaranteed by CVS Health Corp.—a Fortune 10 company—the asset features a recently extended NNN lease running through January 31, 2040 (~13.7 years remaining), plus three (3) 5-year options with 10% increases. Positioned in Locust’s primary retail corridor amid significant residential expansion, the property offers durable income and direct exposure to one of the Southeast’s fastest-growing metros.
- Publicly Traded Entity — NYSE: CVS | Fortune 10 Company
- Corporate-guaranteed Lease — Backed by CVS Health Corporation (Parent of CVS Pharmacy, Caremark, Aetna, Minuteclinic)
- Established Brand — 9,000+ Retail Pharmacy Locations Across All 50 States, DC, and Puerto Rico
- Strong Financials — Annual Revenue Exceeding $370 Billion; Serves 100m+ Plan Members Through Aetna and Caremark
- Long-term Stability — Recently Executed First Amendment Extends Initial Term to 1/31/2040 (~13.7 Years Remaining)
- Attractive Rent Growth — Three (3) Five-year Renewal Options at 10% Increases Each
- NNN Lease — Limited Landlord Responsibilities — Ideal Passive, Credit-driven Investment
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