CVS | Absolute NNN Lease | 3 Year Rent Holiday
5865 Promenade Shops Noblesville, IN 46060
Price: $8,124,000
Status: Sold
Cap Rate: 6.45%
Year Built: 2009
NOI: $523,984
Lot Size: 2.03 acres
Price Per Foot: 614
Lease Type: Absolute (NNN) Lease
Remaining Term: 12+ Years
GLA: 13225 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 Noblesville, IN (the “Property”). Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 13,225-square-foot retail building with drive thru lane situated on a 2.03-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 ideally located just 3 miles from Riverview Health Hospital, a full-service, 156-bed hospital in the heart of Noblesville. Riverview Health Hospital is the main hospital in Noblesville, providing a full spectrum of healthcare services including heart and vascular, cancer, orthopedic, surgical, emergency, and women’s care. Additionally, the property offers close proximity to senior care facilities such as Five Star Residences of Noblesville, Sanders Glen, Auguste’s Cottage, Harbour Manor at The Lodge, and Shepherd’s Center of Hamilton County.
- HARD CORNER SIGNALIZED INTERSECTION (31,000+ CPD) • ADJACENT TO SHOPPING CENTERS • DRAW TO THE TRADE AREA
- The property is ideally located at the hard corner signalized intersection of Westfield Dr/SR-32 & Hazel Dell Rd, offering excellent visibility & signage to combined traffic counts of 31,000+ cars per day, as well as multiple access points in/out of the property. Additionally, the facility is adjacent to the Pebble Brook Village Shopping Center, with tenants including Workout Anytime, McDonald’s, Pat-A-Cakes, Subway, and L’Amour Nails.
- LOCATED IN CITY OF NOBLESVILLE • PART OF THE INDIANAPOLIS MSA • DIVERSE ECONOMY • DISTRIBUTION AND LOGISTICS HUB
- The subject property is located in Noblesville, the county seat of Hamilton County, in central Indiana. With a population of 67,400 in 2021, the city ranks as Indiana’s 14th-largest. Noblesville is 27 miles northeast of Indianapolis, part of the north Indianapolis suburbs. Indianapolis is the capital and largest city in Indiana. It is the second largest city in the Midwest and the 15th most populous in the United States. The Indianapolis metropolitan area is the 26th largest economic region in the U.S., supported by a diverse economy based on tourism and hospitality and distribution and logistics. With more interstate highways intersecting with the city than any other in the U.S., the city has become home to 1,500 distribution firms employing 100,000 workers, and earning the city the nickname of the “Crossroads of America”.
listing agents
