Property details
CVS Ground Lease, Southeast Region
Property Description
This CVS is an outparcel at a upscale Center. The property is a corner location. It is surrounded by new residential developments. CVS is situated next to Friendly’s Restaurant, which is next to National City Bank. The center is newly constructed and comprised of 75,000 square feet. It has beautiful country elegance architecture with incredible stone masonry details throughout the plaza, including a lake on the pedestrian waterway and fountains. This is a high traffic location, 51,500 cars on average pass by daily. It would be very difficult to replicate this property. The local zoning code and building codes insure that only architecturally high end commercial buildings can be built at this location. Other businesses in the immediate vicinity include a Golf & Country Club (an exclusive Greg Norman-designed golf course), Starbucks, Bassett Furniture, Fidelity National Bank & Trust and Pizza Hut. A Medical Center (184 bed facility) and Regional Cancer Center are two miles away. This is a phenomenally high growth area, with population increasing 85.6% and households increasing 89.4% (from 1990-2000). Household income is high as well, at $77,980.
• Extremely High Traffic Count of 51,500 Cars/Day
• Borders Posh cities
• Surrounded by Affluent Residential Area
• New Long Term 25 Year Absolute Triple Net Lease
• Standard & Poors Investment Grade Credit Tenant “BBB+”
• Irreplaceable, Hard To Develop Location in Highly Desirable
• CVS/Caremark: Annual Revenue $47.8 Billion, Net Income $1.3 Billion and Total Stockholders Equity $9.9 Billion
• High Growth Area – 89.4% Household Growth and 85.6% Population Growth
• Near Golf & Country Club (Greg Norman-designed course)
• No State Income Tax in Florida
Images
Highlights
- Status:
- Available
- Price:
- $6,763,285
- PSF:
- $524
- Cap Rate:
- 6.30%
- Annual Rent:
- $426,087
- Rent Increases:
- None
Property Information
- Building Size:
- 12,900 sq.ft.
- Property Type:
- Ground Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Year Built:
- Land Area:
- 2.19 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- CVS
- Lease Type:
- NNN
- Lease Commencement:
- 6/15/2008
- Lease Expiration:
- 6/15/2008
- Years Remaining:
- -1 years
- Landlord Responsibilities:
- None
- Options:
- None
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.