CVS Pharmacy Ground Lease
Long Term Absolute NNN Ground Lease | Hard Corner, High Traffic Intersection | Strong Fundamentals
Marketing description
Cushman & Wakefield is pleased to present a long term absolute NNN leased CVS Pharmacy ground lease investment opportunity in El Paso, Texas. Completed in 2017, the property consists of a 1.30-acre parcel improved with a 9,516± square-foot freestanding CVS Pharmacy with drive-thru ground leased to CVS Pharmacy through January 31, 2043. There are nine (9) five-year renewal options with 10% rent increases at the start o each option. The lease is absolute net (NNN), with the tenant responsible for all taxes, insurance, and maintenance, including roof and structure.
The property is strategically located on the high traffic signalized intersection of Montana Avenue and Chelsea Steet, with combined traffic counts of over 27,100 VPD, and less than 2 miles from Bridge of the Americas (BOTA) - highest-volume port of entry anchoring the $126+ billion annual U.S.–Mexico trade corridor. Montana Avenue is a major east-west arterial connecting East El Paso with the broader regional transportation network, while Interstate 10 and US Highway 54 (Patriot Fwy) provide direct access to Downtown El Paso, Fort Bliss, El Paso International Airport, and the U.S.–Mexico border. The immediate area is home to multiple shopping centers anchored by Target, Costco, Albertson’s, and Kohl’s, and numerous auto dealerships for Ford, Chevrolet, Nissan, Kia, BMW, Audi and Toyota. Neighboring tenants on the intersection include Walgreen’s, Dutch Bros, Albertson’s, Wingstop, Jack in the Box, Subway, Pizza Hut, among numerous others.
Investment highlights
Absolute NNN ground lease with 17 years remaining and 10% rent increases at the start of each renewal option every 5 years
S&P rated “BBB” investment grade corporate guaranty
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
Strategically located on the high traffic signalized intersection of Chelsea St and Montana Ave, with combined traffic counts of over 27,100 VPD
One half mile north of Interstate 10 which connects to the Bridge of the Americas (BOTA) US-Mexico border crossing, and provides convenient regional connectivity throughout the El Paso and Borderplex MSA
Montana Avenue is a major east-west arterial connecting East El Paso with the broader regional transportation network, while Interstate 10 and US Highway 54 (Patriot Fwy) provide direct access to Downtown El Paso, Fort Bliss, El Paso International Airport, and the U.S.–Mexico border
Two miles from Bridge of the Americas (BOTA), El Paso’s highest-volume port of entry, anchoring the $126+ billion annual U.S.–Mexico trade corridor
Montana Ave is a high traffic, commercial corridor with multiple shopping centers in the immediate area anchored by Target, Costco, Albertson’s, and Kohl’s, numerous auto dealerships for Ford, Chevrolet, Nissan, Kia, BMW, Audi and Toyota
Neighboring tenants on the intersection include Walgreen’s, Dutch Bros, Albertson’s, Wingstop, Jack in the Box, Subway, Pizza Hut, among numerous others
Strong population density: over 169,900 residents within 5 miles
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