CVS | Absolute NNN Lease | 3 Year Rent Holiday
110 S. Alpine Rd Rockford, IL 61108
Price: $8,245,300
Status: Sold
Cap Rate: 6.45%
Year Built: 2009
NOI: $531,822
Lot Size: 1.80 acres
Price Per Foot: 562
Lease Type: Absolute (NNN) Lease
Remaining Term: 12+ Years
GLA: 14662 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Rockford, Illinois, approximately 82 miles east of Chicago (the “Property”). Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 14,662-square-foot retail building with drive thru lane situated on a 1.80-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 • ADJACENT TO ROCKFORD UNIVERSITY • PROVIDES CONSISTENT CUSTOMER BASE
- The subject property is ideally located within 3 miles of the Swedish American Hospital, a 357-bed non-profit, teaching hospital, and OSF Saint Anthony Medical Center, a 254-bed general medical and surgical facility. Additionally, it is adjacent to Rockford University (1,300 students), a private college that has been named a Best Midwestern College by The Princeton Review, and a 2018 Best Midwest Regional University by U.S. News and World Report.
- HARD CORNER SIGNALIZED INTERSECTION (40,000 CPD) • EXCELLENT ACCESS & VISIBILITY • MAJOR TRAVEL CORRIDOR TO/FROM INTERSTATE 90/39
- The property is ideally located at the hard corner signalized intersection of S. Alpine Rd and E. State St/SR-20, offering excellent visibility & signage to traffic counts of 40,000+ cars per day and multiple access points in/out of the property. State St/SR-20 is a major east-west travel corridor connecting commuters to/from Downtown Rockford from Interstate 90/39, and is home to national tenants including AutoZone, Goodwill, Motel 6, Kohl’s, Marshalls, Hobby Lobby, Chase Bank, and many more, providing a strong draw to the trade area.
- LOCATED IN CITY OF ROCKLAND • 3RD-LARGEST CITY IN ILLINOIS • ADJACENT TO CHICAGOLAND MARKET • MANUFACTURING HUB
- The subject property is located in Rockford, a growing community of over 145,000 residents that is the 3rd-largest city in the state of Illinois. Located adjacent to the Chicagoland market, approximately 82 miles outside of Chicago, Rockford is regarded for its great quality of life and is an excellent place to raise a family. The city offers an inexpensive urban alternative and consistently ranks in the top five among metropolitan areas in the United States for most affordable housing, with a cost of living approximately 18% lower than the national average.
Rockford is a center of manufacture, employment and commerce for the more than 375,000 residents who live in or near the city. It remains an important manufacturing town with 1,400 companies producing goods in the three-county area of Winnebago, Boone and Ogle. It’s a world leader in the manufacture of machine tools and auto parts and is increasingly becoming recognized as an important center for aerospace components.
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