CVS | Absolute NNN Lease | 3 Year Rent Holiday
10170 Illinois Rd Fort Wayne, IN 46814
Price: $7,589,150
Status: Sold
Cap Rate: 6.45%
Year Built: 2009
NOI: $489,500
Lot Size: 1.60 acres
Price Per Foot: 588
Lease Type: Absolute (NNN) Lease
Remaining Term: 12+ Years
GLA: 12900 sqft
Property Intro
Lee & Associates, listed in conjunction with Indiana real estate broker Harding Dahm & Co., dba Lee & Associates (lic# CO89200088), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Fort Wayne, Indiana (the “Property”). Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 12,900-square-foot retail building with drive thru lane situated on a 1.60-acre parcel.
investment highlights
- CVS HEALTH CORP: INVESTMENT GRADE CREDIT (S&P: BBB) • 2ND LARGEST RETAIL PHARMACY IN THE U.S. • #5 ON THE FORTUNE 500
- Standard & Poor’s investment grade credit rated tenant CVS Health Corp. (S&P: BBB). CVS Pharmacy is currently the second largest retail pharmacy in the US, 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 over 90 million plan members, and CVS Specialty, a dedicated senior pharmacy care business serving more than one million patients per year. In 2020, it ranked 5th on the Fortune 500 and 13th on the Fortune Global 500 list with $194.58 billion in annual revenue.
- 13 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has 13 years remaining on the original 25-year triple-net (NNN) lease term. The Absolute NNN aspect of the lease provides for zero Landlord responsibilities, offering an investor a passive income stream with a strong credit tenant.
- PROXIMITY TO MAJOR MEDICAL CENTERS • SUPPORTS TENANT’S PRESCRIPTION BUSINESS
- The CVS is within a 5-mile radius of several hospitals and medical facilities, such as Lutheran Hospital, a 396-bed tertiary care facility, and St. Joseph Hospital, with quality healthcare services including 24/7 emergency care, surgical services, inpatient medical/surgical and intensive care, cardiopulmonary rehabilitation and imaging. The tenant’s proximity to these facilities, and the affluent surrounding community helps to support the tenant’s successful operations.
- HARD CORNER SIGNALIZED INTERSECTION • SHADOW ANCHORED BY KROGER ANCHORED SHOPPING CENTER • STRONG DRAW TO TRADE AREA
- The CVS is located at the hard corner signalized intersection of SR-14/Illinois Rd & S Scott Rd, offering excellent visibility and signage, as well as multiple access points in/out of the property. The CVS is a corner parcel within the Shorewood Shoppes Shopping Center, with tenants including Old National Bank, Pizza Hut, S&V Liquors, Verizon Wireless (retailer), and Star Financial Bank. Additionally, the property is adjacent from Chestnut Plaza, anchored by Kroger Grocery & Fuel Center, with co-tenants Flagstar Bank, McDonald’s, Starbucks, and Walgreens.
- LOCATED IN CITY OF FORT WAYNE • 2ND-MOST POPULOUS CITY IN INDIANA • OUTSTANDING QUALITY OF LIFE, PROGRESSIVE BUSINESS CLIMATE
- The subject property is located in Fort Wayne in northeastern Indiana. With an estimated 2021 population of 391,430, Fort Wayne is the second-most populous city in Indiana after Indianapolis. Money Magazine, the U.S. Conference of Mayors, All-America City Awards, Business Week, and the U.S. Department of Housing and Urban Development have all recognized Fort Wayne for its outstanding quality of life. The city boasts one of the lowest costs of living, a progressive business climate, vibrant entertainment options, first rate colleges and trade schools, over 400 natural lakes, and top-notch medical care with six area hospitals boasting cutting edge cancer and heart centers. As a result, Fort Wayne was an All-America City Award recipient in 1982, 1998, and 2009, and was recently named a finalist for the 2021 All-America City by the National Civic League.
listing agents
