CVS Pharmacy | New 15 Year Absolute NNN Lease Upon COE

285 W Pine St, Ponchatoula, LA 70454, USA
$6,536,756

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased CVS located at 285 West Pine Street in Ponchatoula, Louisiana. The subject property consists of a free-standing building
comprised of +/- 12,000 square feet of retail space and is situated on a 1.15-acre parcel of land.
Strategically located at the hard signalized intersection of West Pine and 7th Street, the property is highly visible to more than 20,706 vehicles per day. The property also benefits from it’s strategic location within a major East-West thoroughfare and within the areas core retail corridor which is home to a number of National and Regional retailers including Wendy’s, Walgreens, Burger King, AutoZone, Circle K, and numerous others.
CVS will execute a brand new 15-Year lease with 10 Five-Year options showing significant commitment to the site. The Absolute- Net lease is guaranteed by CVS Health Corporation and provides 5
percent increases in each of the option periods.
CVS is one of the nation’s largest leading drugstore chains with over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online through CVS. com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Long Term Absolute NNN Lease | 15 Years Remaining of Initial Term
  • Absolute NNN | Zero Landlord Responsibility
  • Hard Signalized Corner with Great Visibility
  • Proximity to I-55 | 37,000+ Vehicles per Day
  • New 15-Year Absolute NNN Lease | Commitment to Site
  • Drive-Thru Pharmacy
  • Fee Simple Allowing for Depreciation

Property Documents

  • City: Ponchatoula
  • State/county: Louisiana
  • Zip/Postal Code: 70454
  • Country: United States

Detail

  • Price: $6,536,756
  • Year Built: 2007

Additional details

  • CAP RATE: 4.50%
  • NOI: $294,154

Features