Pasadena, TX - 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, freestanding, CVS investment property located in Pasadena, Texas. The tenant has approximately 7 years remaining with 10 (5-year) options to extend, demonstrating their 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 within an income tax free state. CVS Pharmacy is America’s leading retail pharmacy with nearly 10,000 locations, including over 1,700 pharmacies inside of Target and Schnucks Grocery Stores. The site’s performance ranks among the top 15% of CVS stores nationwide - contact agent for further details.

CVS is ideally situated at the signalized hard corner intersection of Burke Road and Fairmont Parkway which serves over 50,000 vehicles per day. Furthermore, the asset benefits from nearby access to Sam Houston Tollway (85,000 VPD), making this an ideal, centralized location with easy commutes. The subject property is strategically located between HCA Houston Healthcare Southeast (350 beds), St. Luke’s Health - Patients Medical Center (61 beds), and Surgery Specialty Hospitals of America (37 beds), providing a direct consumer base from which to draw. Furthermore, the site is located less than 2-miles east of Fairway Centre, a Target, Kohl’s, and Hobby Lobby anchored power center. Other nearby national/credit tenants include Walmart Supercenter, Lowes, Aldi, Kroger, Home Depot, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the subject property is within close proximity of multiple apartment complexes including Mosaic (504 units), Ashmore Apartments (696 units), The Parkway Apartments (122 units), and more. Located 14 miles from downtown Houston, the 5-mile subject trade area is supported by more than 298,000 residents and 113,000 daytime employees who earn an average household income of more than $81,000.