CVS Health Corp: Investment Grade Credit Tenant (S&P: BBB) – 2nd Largest Retail Pharmacy in the U.S. – Fortune 500 Company (#5) – The subject property is leased to highly desirable national tenant CVS Health Corp. (S&P: BBB). CVS Pharmacy is currently the second largest retail pharmacy in the U.S. behind Walgreens. CVS is part of CVS Health Corporation, which includes CVS Pharmacy with 9,700 retail pharmacies, CVS MinuteClinic with more than 1,100 walk-in health care clinics, CVS Caremark, a leading pharmacy benefits manager with more than 90 million plan members, and CVS Specialty, a dedicated senior pharmacy care business serving more than one million patients per year. In 2020, CVS ranked 5th on the Fortune 500 and 13th on the Fortune Global 500 list with $194.58 billion in annual revenue.
Rare CVS with Over 20 Years Remaining on Lease Term – Absolute NNN Lease – Long-Term Passive Income Stream – CVS Pharmacy has 20+ years remaining on a 25-year lease that features (10) 5-year renewal options. The lease is true absolute triple-net (NNN) requiring zero management responsibilities from the landlord and providing an ideal passive income stream backed by an investment grade credit tenant.
Busy Hard Corner Signalized Location (73,000+ CPD Combined) – Main Travel Artery To/From Interstate 15 – Outstanding Frontage, Visibility & Access – Affluent Demographics – The property is ideally located on the hard corner signalized intersection of East 9000 South and 700 E, offering outstanding visibility and signage to over 73,000 cars per day, as well as multiple entrances and a drive-thru lane for easy in/out access. East 9000 South is a major east-west travel corridor connecting travelers to/from Interstate 15 (181,000+ CPD) which is located less than 2 miles to the west, offering quick access to Downtown Salt Lake City. Additionally, the CVS is located in a dense residential area, with an estimated 293,000 people with an average household income of $123,000 within a 5-mile radius of the property.
Proximity to Alta View Hospital, Senior Living Facilities – Consistent Customer Base – Excellent Synergy for Tenant’s Customer Base – The CVS is located within 2 miles of the Alta View Hospital, providing a consistent customer base and driving profitable prescription business to this site. Alta View Hospital is a 59-bed community hospital within the Intermountain Healthcare system, a Utah-based medical group with more than 2,400 physicians and roughly 160 advanced practice clinicians. In addition, the CVS is located adjacent to the Victoria Woods Active Senior Living facility and Cottages on 7th, a 55+ residential community.
Proximity to The Cairns District: $500 Million, 1,100-Acre Multi-Use Development in Downtown Sandy – The property sits just minutes away from The Cairns District, a $500 million, 1,100-acre multi-use development project located in downtown Sandy. The unanimously approved project features a new 18-story class “A” high-rise tower that will include a high end eight-story hotel, multi-family residential, office space, a sky bridge restaurant space, new retail space and a pedestrian friendly walkway with many amenities.
Located in Sandy, UT – Only 13 Miles South of Downtown Salt Lake City – The subject property is located within the city of Sandy, in Salt Lake County, Utah. Sandy is the sixth-largest city in Utah, and is situated just 13 miles south of Salt Lake City in the foothills of the Wasatch mountains, within minutes of world-class ski resorts like Alta and Snowbird. Salt Lake City is the capital and most populous city of the state of Utah. Utah was ranked #1 in housing growth in 2019 and grew 15.7% in the housing sector from 2010 to 2019. (Sources: U.S. Census Bureau, The Salt Lake Tribune).
The area’s major sectors are government, trade, transportation, utilities, and professional and business services. The daytime population of Salt Lake City proper swells to over 315,000 people, not including tourists or students. Named by Forbes as the fourth-best city in the nation for tech jobs, the Salt Lake area has seen a booming technology scene, and is home of tech companies including Adobe, Overstock.com, Qualtrics, eBay, Instructure, and Domo.