NNN CVS Ground Lease
1602 Central Ave.
Summerville (Charleston), SC 29483
Click here to view the Google Street View
Contact: Steve Schroeder 954-593-6466
Stevenschroe@gmail.com
 


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Status: SOLD
Primary Type:
Retail - Free Standing
Price:
$1,540,000
NOI:
$100,000
Building Size: 11,946± SF
Lot Size: 1.90± Acres
Options: 5 x Five Years
Rent Increases: 10% Every Option
Year Built:
2006
Lease Commencement:
October 6, 2006
Lease Expiration:
January 31, 2033
Net Lease Investment:
Yes - NNN Ground Lease
If you are interested in this property, feel free to contact the Solid Investments Team!
Via E-Mail
Steven Schroeder


Property:
 NNN CVS - SC
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Via Phone:
Solid Investments
Steven Schroeder
O: 954-492-9431

Property Description:
Newer Absolute NNN 25 Year CVS Pharmacy Ground Lease with 5 x five year options to renew and 10% rent increases every option. No landlord management obligations. Across from new planned Publix shopping center located on a hard corner signalized intersection.

Location: Click here to view the Google Street View
The property is located in Summerville (Charleston), SC at a signalized intersection with a newly developed Publix, Walgreens, and existing Piggly Wiggly Grocery store. Knightsville is a submarket of Summerville which has seen explosive growth over the past five years.

About the Tenant: (NYSE: CVS) (Investment Grade S&P Rated: BBB+)
CVS: www.cvs.com - The CVS pharmacy chain fills more prescriptions at more drugstores than any other drugstore operator. Following its acquisitions of the Eckerd chain and stores from Albertsons, CVS operates approximately 6,200 stores in some 40 states. More recently, CVS purchased prescription benefits management (PBM) firm Caremark Rx for about $26.5 billion. Caremark was combined with CVS’s PBM and specialty pharmacy subsidiary PharmaCare Management Services, which offered managed-care drug programs to insurers, employers, and other healthcare plan providers, to form Caremark Pharmacy Services. The acquisition of Caremark extended CVS’s buying spree beyond the retail pharmacy industry and positioned the company as a leading manager of pharmacy benefits in the US. Combined, CVS and Caremark create a company that’s an industry leader in pharmacy and specialty pharmacy sales, PBM lives managed, mail-order pharmacy sales, and retail-based clinics (through CVS-owned MinuteClinic). Prior to the Caremark purchase, PharmaCare Management Services had been key to CVS’s growth. In 2007 CVS plans to open 100 new drugstores and add up to 300 MinuteClinic locations. Acquired by CVS in 2006, Minneapolis-based MinuteClinic operates health clinics inside retail stores. The CVS subsidiary runs more than 150 clinics in nearly 20 states.

 
Financial Summary

Actual

NOI $100,000
 
  • 25 Year NNN CVS Ground Lease
  • Located on a Hard Corner Signalized Intersection
  • 10% Rent Increases Every Option
  • Newer Construction
  • Zero Landlord Obligations
 
   
   
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