Glenolden, PA - CVS

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, 24-hour, drive-thru equipped, CVS investment property located in Glenolden, Pennsylvania (Philadelphia MSA). The tenant has successfully operated at the site for 20+ years and recently executed their first 5-year option early, providing for nearly 9 years of remaining term with 9 (5-year) options to extend. Furthermore, CVS recently underwent a 1,400 SF pharmacy expansion in 2021 at their sole cost, demonstrating their long-term commitment to the site and trade area. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS Pharmacy is America’s leading retail pharmacy with nearly 10,000 locations across 49 states. The site ranks in the top 10% of CVS’ located in Pennsylvania, per Placer.ai. Furthermore, The site benefits form low property tax rates, and the fair market rent provision provides a future investor significant upside throughout the option periods

The asset is strategically located at the signalized, hard corner interaction of North MacDade Boulevard and West Oak Lane which supports over 31,000 vehicles daily. Located in a dense retail corridor, the asset is within close proximity of multiple national/credit tenants including Walmart Supercenter, BJs Wholesale, Shop Rite, Aldi, Grocery Outlet, Dollar Tree, Harbor Freight, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is ideally positioned just over 2 miles from Mercy Fitzgerald Hospital (204 beds) and 6 miles from The Hospital of the University of Pennsylvania (1,109 beds), providing a direct consumer base from which to draw. Furthermore, the asset is located less than 5 miles from Philadelphia International Airport, a 2,598 acre airport which serves over 28.1 million passengers per year. Located 17 miles from downtown Philadelphia, the 5-mile subject trade area is supported by more than 451,000 residents and 138,000 daytime employees. Residents within a 3-mile radius earn an average household income of more than $90,000.