CVS | Absolute NNN Lease | 3 Year Rent Holiday
3621 General De Gaulle Dr New Orleans, LA
Price: $7,133,700
Status: Sold
Cap Rate: 6.35%
Year Built: 2008
NOI: $452,988
Lot Size: 2.25 acres
Price Per Foot: 548
Lease Type: Absolute (NNN) Lease
Remaining Term: 12+ Years
GLA: 13013 sqft
Property Intro
Lee & Associates, in conjunction with Bang Realty, Inc (BROK. BROK.995684693-CORP), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in New Orleans, Louisiana (the “Property”). Constructed in 2008 as a build-to-suit for CVS, the Property consists of a 13,013-square-foot retail building with drive thru lane situated on a 2.25-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 over 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, SENIOR CARE FACILITIES • PROVIDES CONSISTENT CUSTOMER BASE
- The subject property is centrally located by several Senior Assisted Living facilities as well as numerous medical centers, such as the West Jefferson Medical Center: a 419-bed not-for-profit hospital; Tulane Medical Center: an acclaimed 235-bed teaching, research and medical facility serving the greater New Orleans area; and, St. Charles Medical Hospital: a 39-bed multi-specialty center that focuses on offering primary healthcare & specialty services to its patients.
- FRONTAGE ALONG GENERAL DE GAULLE DR (28,000 CPD) • MAJOR TRAVEL CORRIDOR TO/FROM HWY 90 • QUICK ACCESS TO DOWNTOWN NEW ORLEANS
- The property fronts General De Gaulle Drive, offering excellent visibility & signage to traffic counts of 28,000+ cars per day. General De Gaulle Dr is a major travel corridor connecting commuters to/from Downtown New Orleans via U.S. Hwy 90, and is home to national tenants including TJ Maxx, Ross Dress for Less, Winn-Dixie, Petco, Dollar Tree, Chase Bank, and many more, providing a strong draw to the trade area.
- LOCATED IN CITY OF NEW ORLEANS • MOST POPULOUS CITY IN LOUISIANA • DIVERSE ECONOMY IS THE HUB FOR THE GULF COAST REGION
- The subject property is located in New Orleans, the most populous city in Louisiana, with a population of 383,997 (2020). New Orleans anchors the larger Greater New Orleans metropolitan area, which had a population of 1,271,845 in 2020. The city serves as the economic hub for the greater Gulf Coast region, and is home to internationally-known universities, hospitals and a Bioinnovation Center. New Orleans is supported by a diverse economy based on energy, advanced manufacturing, International trade, healthcare, tourism. Some of the largest companies in New Orleans include: Ochsner Health System, Tulane University, Woodward Design + Build, Entergy Corporation, Whitney Holding Corp.,Boh Bros Construction and Superior Energy Services.
listing agents
