CVS Pharmacy Portfolio | Corporate Backed Leases | Recent Lease Extensions

320 E Lexington St, Richmond, MO 64085, USA
$9,763,779.52

Description

Marcus & Millichap is pleased to present for sale this six Property Net Leased CVS Portfolio positioned throughout Missouri. The portfolio is encumbered by individual leases and is comprised of six buildings totaling 22,296 square feet of retail space and 3.57 acres of land. The portfolio boasts a current net operating income (“NOI”) of $620,000 and a weighted average nine years of
initial lease term remaining.
The portfolio includes the following locations:
• CVS | Excelsior Springs, MO – Conveniently located within one mile of Excelsior Springs Hospital.
• CVS | Fulton, MO – Conveniently located within one mile of Fulton State Hospital.
• CVS | Lexington, MO – Conveniently located within one mile of Lafayette Regional Medical Center and next door to Lexington Medical Clinic
• CVS | Odessa, MO – Within Kansas City Metropolitan Area
• CVS | Richmond, MO – Conveniently located within 2 miles of Ray County Memorial Hospital
• CVS | Warrensburg, MO – Conveniently located within 1 mile of Missouri Medical Center
Formerly operated by Red Cross Pharmacy, one of the oldest pharmacy businesses in the country, the sites have long operating history at each of their individual locations and a well-established customer base within their respective communities. In 2018, CVS acquired Red Cross Pharmacy as part of a major strategic roll out. CVS recently executed 10-Year extensions with rare rent increase every five years, including the initial term. Each lease is corporate guaranteed by CVS Health Corporation.
CVS Health Corporation (formerly CVS Caremark Corp.) together with its subsidiaries is currently the largest pharmacy chain in the United States by number of locations and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 7th largest U.S. corporation according to Fortune 500. 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, 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
  • Recently Executed 10-Year Extensions
  • Extremely Rare Rental Increases | 5% Increases Every 5 Years Including Initial Term
  • Long Term Occupancy & Commitment to each Site
  • Fee Simple Allowing for Depreciation
  • Minimal Landlord Responsibility
  • No Competing Drugstores

Property Documents

  • State/county: Missouri
  • Zip/Postal Code: 64085
  • Country: United States

Detail

  • Price: $9,763,779.52

Additional details

  • CAP RATE: 6.35%
  • NOI: $620,000

Features