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JLL is pleased to offer for sale the fee-simple interest in recently extended, corporate Absolute NNN Lease CVS Pharmacy (the “Property” or “Asset”) located in Richmond, Virginia. CVS Pharmacy (the “Tenant”) has been located at the Asset since 2009 and just recently extended their lease to give 20 years of the primary lease term. The Asset gives potential investors the opportunity to acquire an investment-grade credit, with a stable cash flow and a historical operating history.
- Operating at the site since 2009 and just extended lease to give 20-years of primary term with six, 5-year options for renewal with 5% rental increases
- Features a prominent, signalized intersection with frontage and visibility to U.S. Highway 250 that sees over 40,000 VPD
- Located in a dense retail corridor with over 2.2 million square feet of retail space within a 1-mile radius and a reported market vacancy rate of 3.7% (per CoStar)
- Highway 250 serves as the retail corridor for northwest Richmond, as every major national retailer has space along this major thoroughfare
- Largest pharmacy health care provider in the USA by total prescription revenue
- Carries investment grade credit ratings from both agencies ‘BBB’ from S&P Global and ‘Baa2’ from Moody’s Investor Services
- About 100,000 residents live within 3 miles with an average household income over $86,000