CVS | Absolute NNN Lease | 3 Year Rent Holiday
2536 US Hwy 92 Lakeland, FL
Price: $7,050,000
Status: Sold
Cap Rate: 6.25%
Year Built: 2009
NOI: $440,555
Lot Size: 1.33 acres
Price Per Foot: 590
Lease Type: Absolute (NNN) Lease
Remaining Term: 13 Years
GLA: 11945 sqft
Property Intro
Lee & Associates, in conjunction with Bang Realty-Naples, Inc (#CQ1049201), is pleased to offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Lakeland, Florida. Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 11,945-square-foot retail building with drive thru lane situated on a 1.33-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 13 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has over 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 CENTER, SENIOR LIVING FACILITIES • PROVIDES CONSISTENT CUSTOMER BASE
- The subject property is ideally located within 8 miles of the nationally acclaimed Lakeland Regional Medical Center, one of Florida’s largest hospitals, with 894 beds, a Level II Trauma Center, and a Level III Neonatal Intensive Care Unit. Additionally, the CVS is strategically located near the 15+ senior living facilities and care centers within Lakeland’s city limits, supporting the tenant’s prescription business.
- HARD CORNER SIGNALIZED INTERSECTION • EXCELLENT ACCESS & VISIBILITY • LESS THAN 1 MILE FROM HWY 99 (57,000+ CPD)
- The property is ideally located at the hard corner signalized intersection of E. Memorial Blvd/SR-92 and County Rd 33-A, offering excellent visibility & signage to traffic counts of 38,000+ cars per day and multiple access points in/out of the property. E. Memorial Blvd/SR-92 is a major east-west travel corridor connecting commuters to/from Interstate 4 for quick access to nearby Tampa (36 miles west) and Orlando (54 miles east). The CVS is located in a densely-populated area, with nearly 115,000 residents within a 5-mile radius, providing a strong customer base for the tenant.
- LOCATED IN CITY OF LAKELAND• CENTRALLY LOCATED BETWEEN TAMPA & ORLANDO • GROWING COMMUNITY • LOGISTICS & DISTRIBUTION HUB
- The subject property is located in Lakeland, a growing community of 115,000 residents that is one of the most sought after places to live in Florida for its employment opportunities, state-of-the-art healthcare facilities, institutes of higher learning, major national retailers, and a mild climate offering extensive outdoor recreation activities and proximity to numerous lakes and nearby beaches. Lakeland has been ranked #18 in best places to retire, #9 best places to live in Florida, and #7 fastest-growing places in the U.S., and #61 in best places to live in the U.S.
Centrally located at the intersect of highways and connected via Interstate 4, a major east-west travel artery, the city has become a strong logistics & distribution hub for FedEx Freight, FedEx Services, Amazon, and Saddle Creek Corporation, and is home of Publix Corporate HQ, the city’s largest employer with 6,500 employees.
listing agents
