CVS
Retail | 7.30% CAP | 13,325 SqFt
Marketing description
Atlantic Capital Partners is pleased to exclusively offer for sale the CVS located at 2005 Norwich-New London Turnpike in Montville, CT. The 13,325 SF building has been leased to CVS since it was built in 2008. The 25-Year Lease with CVS expires January 31, 2034 and includes six (6) five (5) year options. CVS is paying $370,300 with 5% increases at the start of every option period.
The CVS offering is located just minutes from the Mohegan Sun Casino, the 2nd largest casino in the United States. Mohegan Sun offers 364,000 SF of gaming space, multiple entertainment complexes, and draws over 7.6 million visitors annually.
Investment highlights
25-YEAR LEASE TERM, BUMPS IN OPTIONS - CVS has a primary term through January 2034, with six 5-year option periods, including rent escalations at each option.
PROXIMITY TO MOHEGAN SUN CASINO - This asset is located minutes from Mohegan Sun, which draws 7.6M Visitors annually, and is the second largest casino in the United States.
CORPORATE GUARANTY FROM INVESTMENT GRADE TENANTS - CVS has a Market Cap of $86 Billion (NYSE: CVS) with over 9,500 locations across the country (S&P: BBB+).
EXCELLENT EXPOSURE ALONG MAIN THOROUGHFARE - Located on Route 32 (Norwich-New London Turnpike) which sees 20,552 VPD.
LONG OPERATING HISTORY - CVS has a long and successful history at this site since it signed its lease in 2008.
DOMINANT RETAIL CORRIDOR - The asset is centrally located near Montville Commons, home to National Retailers: Home Depot (408.7K Visits in the last 12 Months) Stop & Shop (725.7K Visits in the last 12 Months)
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