Elk Grove, CA - CVS

Description:

Below-Market Rent (Intrinsic Value Real Estate Opportunity) | 12.5 Years Remaining | Visibility to 120,595 VPD | Anchored by a High-End, 66,397 SF Grocery Store | Corporate Guaranty (NYSE: CVS) (SAP: BBB) SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CVS investment property located in Elk Grove, California. The tenant, Longs Drug Stores California, LLC (dba CVS) has approximately 12.5 years remaining on their lease with 5 (5- year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increases in the 1st option, 5% In the 2nd option and 3 (5-Year FMV), steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. The CVS Pharmacy is located on the signalized, hard-corner intersection of Laguna Boulevard and Franklin Boulevard, with combined traffic of approximately 120,595 VPD and immediate access to Interstate 5 (98,300 VPD), the region’s primary north–south corridor. The property is positioned within Laguna Creek Town Center, a Bel Air–anchored center featuring a high-end 66,397 SF Bel Air grocery store along with national and credit tenants including Starbucks, U.S. Bank, Wells Fargo, and UPS. The asset is surrounded by the dominant retail node serving Elk Grove and the broader Laguna trade area, with nearby national and credit tenants including a Safeway, Target, Costco, Walmart, Home Depot, Best Buy, REI, Kohl’s, Trader Joe’s, Sprouts, WinCo, Nugget Markets, Chipotle, Panera, and Olive Garden, further increasing consumer traffic to the site. The store also features an on-site MinuteClinic walk-in medical clinic, adding a healthcare component that broadens its daily draw. The 5-mile trade area is supported by a population of over 290,000 with an average household income of approximately $135,879 within three miles, anchored by a deep employment base including the Elk Grove Unified School District, Apple’s distribution center, and Kaiser Permanente.

The CVS Pharmacy is located on the signalized, hard-corner intersection of Laguna Boulevard and Franklin Boulevard, with combined traffic of approximately 120,595 VPD and immediate access to Interstate 5 (98,300 VPD), the region’s primary north–south corridor. The property is positioned within Laguna Creek Town Center, a Bel Air–anchored center featuring a high-end 66,397 SF Bel Air grocery store along with national and credit tenants including Starbucks, U.S. Bank, Wells Fargo, and UPS. The asset is surrounded by the dominant retail node serving Elk Grove and the broader Laguna trade area, with nearby national and credit tenants including a Safeway, Target, Costco, Walmart, Home Depot, Best Buy, REI, Kohl’s, Trader Joe’s, Sprouts, WinCo, Nugget Markets, Chipotle, Panera, and Olive Garden, further increasing consumer traffic to the site. The store also features an on-site MinuteClinic walk-in medical clinic, adding a healthcare component that broadens its daily draw. The 5-mile trade area is supported by a population of over 290,000 with an average household income of approximately $135,879 within three miles, anchored by a deep employment base including the Elk Grove Unified School District, Apple’s distribution center, and Kaiser Permanente.

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