CVS & Citizens Bank_Property for Sale
CVS & Citizens Bank_Property for Sale
220 Schuyler Ave, Kearny, NJ, 07032-3915, US

CVS & Citizens Bank

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, has been retained on an exclusive basis to arrange the sale of CVS and Citizens Bank (the “Property”), a 13,038 (including mezzanine) square-foot CVS and a 3,400 square-foot Citizens Bank situated on 1.89 acres in Kearny, NJ. In addition, both of the buildings have drive-thrus, meeting the demands of the modern-day consumer. The CVS is on a NNN ground lease through 2037 with (5) 5-year renewal options. Each option has a 10% rental escalation. Citizens Bank is on a favorable NNN ground lease with term until 2031 and a rental rate that escalates by 10% every five years. The lease also offers (4) 5-year renewal options with 10% escalations. Assuming all extension options are exercised, CVS has term until 2062 and Citizens Bank has term until 2051. Both CVS and Citizens Bank have an investment grade credit rating. With the combination of the credit tenancy and the long-term nature of the leases in-place, the opportunity presents future investors strong, durable cash flow for a prolonged period.

Established in 1963 and headquartered in Woonsocket, Rhode Island, CVS Health (S&P BBB, Fortune #4) is the nation’s premier healthcare services company. The Company operates three key business segments covering the entirety of the healthcare demand spectrum: Pharmacy Services, Retail Pharmacy, and Health Care Benefits. The CVS Health Corporation has 9,900+ branches nationally and has 300,000+ employees.

Investors Savings Bank, a wholly owned subsidiary of Investors Bancorp was acquired by Citizens Financial Group in April of 2022. Headquartered in Providence, Rhode Island and founded in 1828, Citizens is one the nation’s oldest and largest financial institutions with $222.2 billion in assets as of March 31st, 2023. Citizens Financial Group (NYSE: CFG) (S&P BBB+), through its subsidiaries, provides banking and financial products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.

The Kearny CVS and Citizens Bank presents investors the rare opportunity to acquire two assets with investment grade credit and term, assuring future cash flow.



Building area net
1,527 m²
Year built
Land area net
0.54 ha
Number of units
1 units


Investment Highlights

Investment Grade Tenants

• CVS’s credit rating according to the S&P is BBB with a market capitalization of $93.2 billion (Apr-23) and a 2022 total revenue of $321.86 billion. The parent guarantor on the Kearny CVS lease is CVS Caremark Corporation.

• CVS serves its customers through its nearly 10,000 retail locations and 1,100 walk-in medical clinics, servicing 4.5 million customers per day.

• With a S&P credit rating of BBB+, Citizens Bank has a top 10 market share in the region with over $23 billion in deposits and a total market capitalization of $13.95 billion (Mar-23).

• Within the New York City and New Jersey metros, Citizens Bank has approximately 200 bank branches, 1,500+ employees, 1 million customer migrated accounts and approximately 1,350 commercial clients.

Long-Term Assured Cash Flow

• CVS is on a NNN ground lease with initial term through 2037.

• The CVS lease also offers (5) 5-year renewal options with 10% rental escalations. Assuming all options are exercised, CVS has potential term until 2062.

• Citizens Bank is on a favorable NNN ground lease with an initial term until 2031.

• Citizens Bank lease presents (4) 5-year renewal options with 10% escalations. If all options are exercised, Citizens Bank will remain a tenant until 2051.

Accessible Location with Strong Demographics

• CVS and Citizens Bank are ~1.1 miles from Interstate 280, ~1.5 miles from Interstate 95, and ~2.7 miles from NJ-2, with close proximity to both the Holland and Lincoln Tunnel, showcasing the accessibility of the assets.

• The Properties are positioned just beside Vermella Crossing, a new, luxury 230-unit multi-housing community, driving foot-traffic to the shopping center.

• Located off the intersection of Schuyler Ave and Bergen Ave, with an AADT of ~8,000, the assets are positioned on thoroughfares that receive high exposure.

• The population within a five-mile radius is very dense with 710,876 people.

• Within a one-mile radius, the average household income is $128,539 and consumer spending is $397.9 million.

• There are no other CVS's within a ~2 mile radius and no other Citizens Bank's within ~3 miles.

Contact brokers

CVS & Citizens Bank (0 Properties)

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Last updated
15 Apr 2024