CVS Pharmacy
Retail | 5.40% CAP | 13,567 SqFt
Marketing description
MOTIVATED SELLER!!!
Seller currently has a property under contract to purchase and is motivated to sell this asset for funds for the new acquisition. Seller is willing to sell below its purchase price of $10,800,000 in 2019 depending on terms and conditions.
Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased CVS property located at 1200 Highway 35 South in Middletown, New Jersey (the “Property”). There are 19 years remaining on the initial 25-year lease term with 8, five year renewal options. The option periods include a 10% rent increase at the start of each option period.
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
Investment highlights
*INITIAL 25-YEAR TERM: There are just under 19 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
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