CVS Pharmacy - 18 Yr Absolute NNN Lease (No Rent Holiday)
Affluent Houston, TX | 18 Year Absolute NNN Lease | Entrance to The Woodlands | $190,000 Avg HHI
Marketing description
Cushman and Wakefield is pleased to present a 14,857± square foot freestanding CVS Pharmacy retail store with drive-thru pharmacy located in Magnolia, Texas (High Income North Houston Suburb) leased until January 31, 2044, with 18 years of primary term remaining.
The CVS property is strategically located in a new construction retail development on the high traffic corridor of FM 2978 (31,295 VPD) at the western entrance of The Woodlands – an extremely affluent and dynamic mixed-use residential and commercial master planned community with average household income of $183,000. Other tenants in the center include AutoZone, Sonic, Mister Car Wash, Public Storage, and a two acre parcel currently in negotiations with a future automotive user and a proposed QSR tenant. The Woodlands is home to corporate headquarters, golf courses, high-income residential neighborhoods, top-ranked schools and more than 2,600 companies including Howard Hughes, Huntsman Corporation, Oxy, Chevron Phillips Chemical Company, McKesson, and Waste Connections US, Inc., to name a few. FM 2978 runs along the western edge of the Woodlands and intersects FM 1488 to the north, and to south it connects with State Highway 99 (The Grand Parkway) that circumnavigates the Houston MSA. Nearby retail tenants along FM 2978 include Walmart Supercenter, Starbucks, Subway, Whataburger, Chase Bank, Wells Fargo, and other national tenants. Surrounding demographics are outstanding with average household income over $190,900 and population over 112,300 within 5 miles.
Investment highlights
Absolute NNN lease with 18 years remaining and no rent holiday
10% rent increase every 5 years at the start of each renewal option
S&P rated “BBB” investment grade corporate guaranty
Strategically located at the western entrance of The Woodlands – an extremely affluent and dynamic mixed-use residential and commercial master planned community with average household income of $187,632
The Woodlands features nine residential neighborhoods, top-ranked schools, 151 parks and more than 2,600 companies including Howard Hughes, Huntsman Corporation, Oxy, Chevron, Phillips Chemical Company, and McKesson, to name a few
Part of a new construction retail development on the high traffic corridor of FM 2978 (31,295 VPD) including other tenants such as AutoZone, Mister Car Wash, Sonic, Public Storage, and others
Nearby retail tenants include Walmart Supercenter, Starbucks, Subway, Whataburger, Chase Bank, Wells Fargo, among many others
Magnolia is an affluent North Houston suburb with average household income over $190,900 and population over 112,500 within a 5-mile radius of the CVS property (14.3% population growth over the last five years)
CVS Health Corporation is ranked #5 on the Fortune 500 with $372.8 billion in revenues
CVS operates over 9,000 retail drugstores and over 1,000 health care clinics located in all 50 states, Puerto Rico, and the District of Columbia
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