CVS | Absolute NNN Lease | 3 Year Rent Holiday
4432 George Washington Memorial Yorktown, VA 23692
Price: $9,005,000
Status: Sold
Cap Rate: 6.35%
Year Built: 2009
NOI: $571,816
Lot Size: 1.98 acres
Price Per Foot: 680
Lease Type: Absolute (NNN) Lease
Remaining Term: 13 Years
GLA: 13225 sqft
Property Intro
Lee & Associates, listed in conjunction with Mississippi real estate broker Bang Realty, Inc. (lic# 226031911), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Yorktown, Virginia (the “Property”). Constructed in 2010 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 1.98-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.
- 13 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has 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 • 11 MILES FROM LANGLEY AFB, NASA’S LANGLEY RESEARCH CENTER • STRONG CUSTOMER BASE
- The subject property is surrounded by numerous hospitals and medical facilities, providing strong support for the tenant’s successful operations. Additionally, the CVS is located just 11 miles from Langley Air Force Base & NASA’s Langley Research Center, comprised of nearly 200 facilities on 764 acres in Hampton, Virginia, and employs about 3,400 civil servants and contractors. Langley works to make revolutionary improvements to aviation, expand understanding of Earth’s atmosphere and develop technology for space exploration.
- HARD CORNER SIGNALIZED INTERSECTION • CORNER PARCEL WITHIN HERITAGE SQUARE SHOPPING CENTER • STRONG DRAW TO TRADE AREA
- The property is ideally located at the hard corner signalized intersection of George Washington Memorial Hwy 17 & Lakeside Drive, offering excellent visibility & signage to combined traffic counts of 46,000+ cars per day, as well as multiple access points in/out of the property. The CVS is on a corner parcel within the Heritage Square Shopping Center, with tenants including Big Lots, Dollar Tree, PetZone, Vinny’s Pizza & Pasta, and SweetFrog Premium Frozen Yogurt, providing a strong draw to the center.
- MAJOR TRAVEL CORRIDOR • HOME TO NATIONAL TENANTS WAWA, GOODWILL, WELLS FARGO, USPS, FOOD LION • EXCELLENT RETAIL SYNERGY
- The subject property is located along George Washington Memorial Hwy 17, a major north-south travel corridor connecting travelers to Interstate 64 (91,000+ CPD) offering direct access to nearby Newport News and Norfolk to the south and Richmond to the north. This corridor is home to national tenants including Wawa, Goodwill, Wells Fargo Bank, USPS, Food Lion, ACE Hardware, and many more, offering strong retail synergy.
- LOCATED IN CITY OF YORKTOWN • COUNTY SEAT OF YORK COUNTY, VA • IN THE HEART OF THE VIRGINIA PENINSULA • ONE OF THE FASTEST GROWING AREAS IN VIRGINIA • HEAVY GOVERMENT/MILITARY PRESENCE
- The subject property is located in Yorktown, the county seat of York County, VA, and one of the seven cities comprising the Hampton Roads, Virginia, metropolitan area. York County stretches 27 miles from Williamsburg to Hampton and covers 106 square miles. The county is 20 minutes from the Port of Hampton Roads and less than one hour from Richmond and Virginia Beach. Located in the heart of the Virginia Peninsula within 500 miles of two-thirds of the nation’s population, York County is one of the fastest growing areas in Virginia. Additionally, the region has a heavy military presence, with more than 40% of the County’s land earmarked for federal use with installations such as the U.S. Coast Guard Reserve Training Center, the Colonial National Historical Park, the U.S. Naval Weapons Station, Cheatham Annex, and Camp Peary.
listing agents
