CVS Pharmacy | 20-Year NNN Lease

2537 Weir Rd, Chester, VA 23831, USA
$6,400,000

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased CVS located at 2537 Weir Road in Chester, Virginia. The subject property consists of a free-standing building comprised of 13,225 square feet of retail space and is situated on a large 1.84- acre parcel of land.
Strategically located on the Hard-Signalized Intersection of U.S Route 1 and Weir Road, the property is highly visible to more than 22,000 vehicles per day. It also features excellent access and is within close proximity of Interstate-95 with traffic counts exceeding 114,000 daily. The subject property sits across from Lowe’s, Target, and a Ross- TJMaxx-Homegoods anchored power center and is also adjacent to a Community College. The immediate trade area proves to be an affluent Richmond suburb which features an average household income of more then $98,000 within a 5-mile radius. The immediate trade area is also home to a number of National and Regional retailers including but not limited to Big Lots, Kroger, Home Depot, Food Lion, Kohl’s, Office Depot, and many more.
CVS recently executed a brand new 20 Year Absolute Net Lease. With an 11-year historical occupancy at this site, CVS has shown a strong commitment to the location. The Absolute-Net lease is guaranteed by CVS Health Corporation and provides five options to extend for five years each including 7.5 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
  • Brand New Absolute NNN Lease | 20 Years of Term Remaining on Initial Term
  • Signalized Hard Corner Location | Daily Traffic Counts Exceeding 22,000
  • Across from Lowe’s, Target, and a Ross-TJMaxx-Homegoods Anchored Power Center
  • Affluent Market | Average Household Income is more then $98K within a 5-Mile Radius
  • Positioned Along Area’s Major Retail & Traffic Corridor
  • Fee Simple Allowing for Depreciation

Property Documents

  • City: Chester
  • State/county: Virginia
  • Zip/Postal Code: 23831
  • Country: United States

Detail

  • Price: $6,400,000
  • Year Built: 2008

Additional details

  • CAP RATE: 4.65%
  • NOI: $297,500

Features