Lewistown, PA - CVS

Description:

SRS National Net Lease Group LP is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, CVS Pharmacy located in Lewistown, Pennsylvania. The tenant has approximately 18 years remaining with 10 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The asset includes a Credit Tenant Lease (CTL) zero cash flow financing which may be assumed, which also includes a paydown/readvance feature allowing for investors to pull cash from the transaction – see page 18 for more details. CVS Pharmacy is America’s leading retail pharmacy with over 9,000 locations across 49 states.

The CVS is strategically located at the signalized, hard corner intersection of East Market Street and North Brown Street which supports more than 4,100 vehicles per day. Furthermore, the asset benefits from nearby on/off ramp access to Highway 22 (10,000 VPD) and US Highway 322 (12,900 VPD), making this an ideal, centralized location with easy commutes. The site benefits from nearby access to multiple national/credit tenants including Lowe’s, Giant, Harbor Freight, Dollar General, True Value Hardware, DaVita Dialysis and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Located just 1.8 miles from Geisinger Lewistown Hospital, a 123-bed acute care facility that treats approximately 32,670 emergency room patients annually and is part of the Geisinger Health system, a $7.7 billion healthcare network. The property benefits from proximity to one of Central Pennsylvania’s largest healthcare anchors and a significant source of daily employment, patient, and visitor traffic. Moreover, the site is ideally located near multiple apartment complexes such as The Kish Apartments (141 units), Forest Hills (96 units), and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 22,000 residents and 10,000 daytime employees who earn average household incomes of more than $66,000.

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