CVS | Over 19 Years on NNN Ground Lease
11506 4000 W South Jordan, UT 84095
Price: $4,750,000
Status: Sold
Cap Rate: 4.00%
Year Built: 2015
NOI: $190,000
Lot Size: 1.58 acres
Price Per Foot: $372
SF: 12,751 sq ft
Remaining Term: 19+ Years
Lease Type: Triple-Net (NNN) Ground Lease
Property Intro
Lee & Associates, listed in conjunction with Utah real estate broker Bang Realty-Utah, Inc (license 10950275-CN00), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in land leased to CVS Pharmacy located in South Jordan, Utah within the Salt Lake City MSA (the “Property”). Constructed in 2015, the Property consists of a 12,900-square-foot retail building with drive thru lane situated on a 1.58-acre parcel.
investment highlights
- CVS HEALTH CORP • INVESTMENT GRADE CREDIT (S&P: BBB) • 2ND LARGEST RETAIL PHARMACY IN THE U.S.
- The subject property is leased to 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.
- RARE CVS GROUND LEASE ON THE MARKET • 19+ YEARS REMAINING ON LEASE TERMEXTREMELY LOW RENT • LONG-TERM INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has 19+ years remaining on the original 25-year NNN ground lease term that features 8% rental increases in each of its (8) 5-year renewal options. CVS is paying extremely low rent for this property, lending well to the tenant’s long-term profitability at this location, and providing an investor with an ideal long-term steady income stream backed by an investment grade credit tenant.
- LOCATED WITHIN THE OQUIRRH MOUNTAIN MARKETPLACE • ANCHORED BY SPROUTS • STRONG CO-TENANTS • DRAW TO THE TRADE AREA
- The CVS is located within the Oquirrh Mountain Marketplace, a 72,000-SF shopping center anchored by Sprouts. The center features co-tenants including Planet Fitness, Men’s Wearhouse, Mattress Firm, Benjamin Moore Paint, Denny’s, Starbucks, Del Taco, and Wendy’s, providing excellent retail synergy and a strong draw to the area.
- BUSY HARD CORNER SIGNALIZED LOCATION • ONE BLOCK FROM HWY 154 (43,000 CPD) • AFFLUENT DEMOGRAPHICS
- The property is ideally located on the hard corner signalized intersection of 4000 W and W 11400 S/Hwy 175, a major travel corridor connecting drivers to Interstate 15 just 5 miles to the east. Additionally, the CVS is one block from Hwy 154 (43,000 CPD), which connects travelers to/from Interstate 15 heading south to Orem/Provo (34 miles).
- PROXIMITY TO MAJOR MEDICAL CENTERS • BLOCKS FROM ‘THE DISTRICT’ MIXED USE DEVELOPMENT • ADJACENT TO THE DAYBREAK COMMUNITY
- The CVS is located within 2.5 miles of the University of Utah South Jordan Health Center, South Jordan VA Clinic, and the Riverton Hospital, and just 4 miles south of the Jordan Valley Medical Center, providing a consistent customer base and driving profitable prescription business to this site. It sits just 2 blocks from The District, one of the largest mixed-use developments of its kind in Utah with anchor tenants Hobby Lobby, Target, Petco and Harmons Grocery, as well as residential projects Odessa, ICO and Saint Tropez totaling over 750 units. Additionally, the CVS is at the entrance to Daybreak, a 20-year master planned community that is one of the fastest growing communities in the region, with projected 20,000 residential units and over 9 million SF of commercial space upon completion.
- LOCATED IN SOUTH JORDAN • 18 MILES SOUTH OF SALT LAKE CITY • 12TH-FASTEST GROWING CITY IN THE NATION
- The subject property is located within the city of South Jordan, in south central Salt Lake County, Utah. Nestled in the Salt Lake Valley between the Wasatch Mountains on the East and the Oquirrh Mountains on the West, South Jordan, or “SoJo”, is located just 18 miles south of downtown Salt Lake City and the Salt Lake Regional Airport. According to Census.gov, the population of South Jordan was 76,598 in 2019, reflecting growth of 51.9% in the past decade. It is the 12th-fastest growing city in the nation and has been voted one of the ‘Top 20 Best Places to Live in America’ several times, according to Money Magazine.
listing agents
