CVS Pharmacy | Charlotte, NC Metro
Low Rent | 13.5+ Years Of Term Remaining | Long Term Tenancy
Marketing description
Stonecliff has been exclusively engaged to solicit offers for the sale of a CVS Pharmacy located at 101 East Main Street in Locust, NC, within the high-growth Charlotte Metro. This +/- 10,200 SF freestanding store sits on 1.27 acres at the signalized intersection of E Main Street and N Central Avenue, with combined traffic counts of ~28,800 VPD. Corporate-guaranteed by CVS Health Corp.—a Fortune 10 company—the asset features a recently extended NNN lease running through January 31, 2040 (~13.7 years remaining), plus three (3) 5-year options with 10% increases. Positioned in Locust's primary retail corridor amid significant residential expansion, the property offers durable income and direct exposure to one of the Southeast's fastest-growing metros.
Investment highlights
- Publicly Traded Entity — NYSE: CVS | Fortune 10 Company
- Corporate-guaranteed Lease — Backed by CVS Health Corporation (Parent of CVS Pharmacy, Caremark, Aetna, Minuteclinic)
- Established Brand — 9,000+ Retail Pharmacy Locations Across All 50 States, DC, and Puerto Rico
- Strong Financials — Annual Revenue Exceeding $370 Billion; Serves 100m+ Plan Members Through Aetna and Caremark
- Long-term Stability — Recently Executed First Amendment Extends Initial Term to 1/31/2040 (~13.7 Years Remaining)
- Attractive Rent Growth — Three (3) Five-year Renewal Options at 10% Increases Each
- NNN Lease — Limited Landlord Responsibilities — Ideal Passive, Credit-driven Investment
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