CVS - Evergreen, Alabama_Property for Sale

210 W Front St, Evergreen, AL, 36401, US

CVS - Evergreen, Alabama

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire fee-simple interest in a CVS (“The Property”) in Evergreen, Alabama. The site sits in the area’s main retail corridor with nearby grocers, quick service restaurants, and other amenities driving traffic to the location. The Property benefits from the pro-business environment and low cost of business in Alabama. The nearby Montgomery MSA has seen large investment from the state, sparking job growth throughout the area. CVS is a premier healthcare provider, generating the largest total prescription revenue in the nation throughout its almost 10,000 sites nationwide. CVS is operating on a brand-new lease extension, a testament to the confidence CVS corporate has in the site.

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Attributes

Asking Price

₱240,899,000

Building area Gross

1,003 sm

Occupancy

100.00%

Year built

2008

Land area Gross

1.12 ha (11,210 sm)

Cap Rate

4.85%

NOI

₱11,685,000

Media

Investment highlights

EXCELLENT REAL ESTATE FUNDAMENTALS

• Located in the area’s main retail corridor, the central location and surrounding retailers drive over 8,000 vehicles past the site daily.

• The asset benefits from the pro-business environment in Alabama. Low cost of doing business and leading business incentives have driven economic expansion in the area.

• Alabama’s population has increased by 250,000 since 2010, a 5.2% increase.

BRAND NEW 15-YEAR EXTENSION

• Due to the strength of the location, CVS executed a brand-new 15-year lease extension displaying their long-term commitment to the site.

• Absolute NNN Lease requires zero landlord responsibilities throughout the lease term.

INVESTMENT GRADE TENANCY

• CVS boasts investment grade credit (S&P: BBB).

• The Tenant reported $290.9 billion in revenue in 2021 and currently holds a market cap of $141.8 billion.

• Employing 300,000+ people at almost 10,000 locations, CVS is one of the largest corporations in the nation, ranking No. 4 on the Fortune 500.