CVS | Absolute NNN Lease | 3 Year Rent Holiday
2175 E. Bardsley Ave Tulare, CA 93274
Price: $6,714,000
Status: Sold
Cap Rate: 6.25%
Year Built: 2009
NOI: $419,613
Lot Size: 1.72 acres
Price Per Foot: 507
Lease Type: Absolute (NNN) Lease
Remaining Term: 13+ Years
GLA: 13225 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 Tulare, California. 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 1.72-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 CENTERS & COLLEGE OF THE SEQUOIAS (12,500+ STUDENTS • PROVIDES CONSISTENT CUSTOMER BASE
- The CVS is just minutes from surrounding hospitals Adventist Health Tulare (101 beds) and Tulare Regional Medical Center (108 beds). The property is also just 3 miles from the College of the Sequoias Tulare College Center, a full-service college center and the home of COS’ agriculture programs.
- HARD CORNER SIGNALIZED INTERSECTION • EXCELLENT ACCESS & VISIBILITY • LESS THAN 1 MILE FROM HWY 99 (57,000+ CPD)
- The property is located at the hard corner signalized intersection of E. Bardsley Ave & S. Mooney Blvd, offering excellent visibility & signage to combined traffic counts of 24,000+ cars per day, as well as multiple access points in/out of the property. The CVS is located less than one mile from Highway 99, providing for quick access to major cities such as Sacramento to the north and Los Angeles to the south.
- LOCATED IN TULARE • CENTRALLY LOCATED WITHIN CALIFORNIA’S CENTRAL VALLEY • HOME TO LAND O’LAKES, NATION’S LARGEST DAIRY COMPLEX
- The subject property is located in Tulare, in California’s San Joaquin Valley along Highway 99, 45 miles south of Fresno and 60 miles north of Bakersfield. Los Angeles and the San Francisco Bay area are less than a 4 hour drive and, in addition to being served by Freeway 99, Tulare is 40 minutes from Interstate 5, which connects California to Oregon and Washington. The ports of Stockton, Sacramento, Los Angeles and San Francisco are all within 200 miles of Tulare and infrastructure and transportation systems are already in place to facilitate product movement. The strategic location makes Tulare very attractive to food processors and distributors because of the central location and abundant supply of locally grown products. Tulare is responsible for a significant part of Tulare County’s 342,600 dairy cows, which produce more than 8.9 billion pounds of milk each year. The nation’s largest single-site dairy complex, operated by Land O’Lakes, is located in Tulare.
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