CVS | Absolute NNN Lease | 3 Year Rent Holiday
305 Meadowbrook Rd Jackson, MS 39206
Price: $6,122,350
Status: Sold
Cap Rate: 6.75%
Year Built: 2009
NOI: $413,257
Lot Size: 1.52 acres
Price Per Foot: 572
Lease Type: Absolute (NNN) Lease
Remaining Term: 12+ Years
GLA: 10700 sqft
Property Intro
Lee & Associates, listed in conjunction with Mississippi real estate broker Bang Realty-Mississippi, Inc. (lic# 21543), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Jackson, Mississippi (the “Property”). Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 10,700-square-foot retail building with drive thru lane situated on a 1.52-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.
- OVER 12 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has 12+ 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 & THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER • ONE OF THE LARGEST EMPLOYERS • SUPPORTS TENANT’S PRESCRIPTION BUSINESS
- The CVS is within a 5-mile radius of several hospitals and medical facilities, such as Baptist Medical Center, a 440-bed emergency and acute care facility, St. Dominic Hospital, a 571-bed tertiary care hospital, and the University of Mississippi Medical Center (“UMMC”), the state’s only academic health science center, with seven health science schools and one of the largest employers in Mississippi.
- HARD CORNER SIGNALIZED INTERSECTION • ACROSS FROM PIGGLY WIGGLY ANCHORED SHOPPING CENTER • STRONG DRAW TO TRADE AREA
- The property is ideally located at the hard corner signalized intersection of Meadowbrook Rd & N. State St/Hwy 51, offering excellent visibility & signage to combined traffic counts of 17,700+ cars per day, as well as multiple access points in/out of the property. The CVS is on a corner parcel across from the Meadowbrook Shopping Center, a 96,000-SF shopping center anchored by Piggly Wiggly, with co-tenants Dollar Tree, Regions Bank, and City Gear, providing a strong draw to the trade area.
- LOCATED ALONG HWY 51 • RECENT UPGRADES TO ROADWAY/INTERSECTION • JUST 2 MILES FROM ON/OFF RAMP TO INTERSTATE 55
- The Subject property is accessed from Meadowbrook Rd & Hwy 51, just 2 miles from the on/off ramp to Interstate 55, offering quick access to downtown Jackson. In December 2020, a major resurfacing and infrastructure project was completed along this stretch of Hwy 51. At a cost of $16 million, this busy Jackson artery entailed the addition of a 10-foot wide sidewalk allowing for bicycle and pedestrian access, total road reconstructure, utility upgrades and repairs, and full reconstruction of underground and sewer infrastructure.
- LOCATED IN CITY OF JACKSON • CAPITAL & MOST-POPULOUS CITY IN MISSISSIPPI • VIBRANT CENTER FOR BUSINESS, COMMERCE • $100 MILLION IN NEW DEVELOPMENT IN DOWNTOWN JACKSON
- The CVS is located in Jackson, the capital and most populous city in Mississippi, with a population of 153,701 (2020 U.S. Census). Downtown Jackson is a vibrant center for business, commerce and education, and a culinary and entertainment hotspot. With over 500,000 residents within 5 miles of the downtown core, there has been a growth in demand for new residential and mixed-use development. Nearly $900 million has been spent on new developments since 2005, and there is currently $100 million in new projects currently under construction or proposed for development. The efforts of Cooperation Jackson, an economic development group supporting worker owned cooperative businesses, has led to the creation of businesses including The Green Team, Freedom Farms, The Center for Community Production, and the Balagoon Center..
listing agents
