Trophy Location CVS Ground Lease in Miami

Trophy Location CVS Ground Lease in Miami

Investment Highlights:

■ Investment Grade Credit Tenant, Rated BBB+ by S&P
■ Corporate Guarantee | CVS Health Corporation
■ Long Term Absolute NNN Ground Lease | 22 Years Remaining
of Initial Term
■ CVS y Mas Concept with Focus on Hispanic Community | Ideal
for Miami Demographic Makeup
■ CVS Subleased Portion of Lot to Wendy’s, Increasing Store
Profitability and Consumer Traffic
■ Urban Infill Location | 513,000+ Full Time Residents in
Immediate Trade Area
■ Hard Signalized Corner with Great Visibility | Visible to over
99,219 vehicles/day
■ Minutes from Kendall Regional Medical Center and Nicklaus
Children’s Hospital
■ 1.5 Miles South of Florida International University | 56,886
Students and 6,800 Employees
■ 4 Miles North of Miami Dade College’s Kendall Campus with
66,500 Students
■ Close proximity to Dolphin Mall & Mall of the Americas
■ 3.5 Miles from Miami International Airport
■ Large 2.38 Acre Parcel
■ Florida is a No Income Tax Free State

Marcus & Millichap is pleased to present for sale this trophy Net
Leased CVS located at 10660 SW 40th Street in Miami, Florida. The
subject property consists of a free-standing building comprised of
14,989 square feet of retail space and is situated on a large 2.38-
acre parcel of land
Strategically located near the intersection of SW 40th Street and SW
107th Avenue, the property is highly visible to more than 91,219
vehicles per day. The immediate trade area is home to a number
of National and Regional retailers including Walgreens, Burger
King, Wells Fargo, Chase Bank, The Home Depot, McDonalds, TD
Bank, Publix, Starbucks, Big Lots, among many others. The subject
property also benefits from its proximity (One Mile) to the Kendall
Regional Medical Center with 417+ Beds. Additionally, this trophy
CVS is within proximity of Westchester General Hospital with 112+
Beds and Nicklaus Children’s Hospital.
CVS executed a 25 year lease in 2017 and has 22 years of initial
term remaining. The Absolute-Net lease is guaranteed by CVS
Health Corporation and provides nine options to extend for five
years each including 5% 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.

 

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