Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate guaranteed, drive-thru equipped CVS Pharmacy investment property located in Davenport, Florida. The tenant, Holiday CVS, LLC, has approximately 15 years remaining on their initial term with 10 (5-year) options to extend, demonstrating their commitment to the site. The lease is corporate guaranteed by CVS Caremark Corporation (S&P: BBB) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. CVS is the largest pharmacy chain in the United States with more than 9,900 stores across the United States and Puerto Rico.

CVS Pharmacy is strategically located at the signalized, hard-corner intersection of U.S. Highway 27 and Sand Mine Road, averaging a combined 38,500 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign along U.S. Highway 27. In addition, the building is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Furthermore, the asset is adjacent to a Dollar General store and across from a Publix anchored center, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure to the site. Other nearby/national credit tenants include Circle K, Dollar Tree, 7-Eleven, and more, further increasing consumer traffic to the site. The CVS is ideally situated less than 10 miles from Walt Disney World Resort, the most visited vacation resort in the world with an average annual attendance of over 58 million visitors. Finally, the CVS is located next to the future site of Harper Grove Apartments, a major 264-unit development that is currently under construction. The 5-mile trade area is supported by 48,673 residents and 19,480 employees, providing a steady, consistent consumer base from which to draw. Residents within 1 mile of the subject property boast a steady average household income of $76,828.

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