Dallas, TX - CVS

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 leased, investment grade (S&P: BBB), drive-thru equipped, CVS investment property located in Dallas, Texas. The tenant, CVS Pharmacy, Inc has approximately 12 years remaining in 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 and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. CVS is the largest pharmacy chain in the United States with more than 9,900 stores across the United States and Puerto Rico.

The CVS is located near the signalized, hard corner intersection of West Wheatland Road and South Hampton Road, which serves a combined 32,200 vehicles per day. CVS is strategically located adjacent to Wheatland Towne Crossing, a 258,000 SF power center with notable tenants including Target, Ross, PetSmart, Dollar Tree, and more. Furthermore, CVS is within close proximity to numerous national/credit tenants including Home Depot, Aldi, Sam’s Club, Harbor Freight, Kroger, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover store exposure to the site. Moreover, the asset is strategically situated between North Texas University (41,000 students), Dallas College Cedar Valley Campus (8,786 students), Lancaster High School (2,193 students), and more, providing a direct consumer base from which to draw. The site benefits from nearby direct on/off ramp access to Interstate 20 (174,400 VPD), providing ease and convenience for customers. Located in a dense infill trade area, CVS is within walking distance of numerous apartment complexes including the Mandalay Palms Apartments (300 units), Providence on the Park (280 units), Greens of Hickory Trail Apartments (180 units), and more. Finally, the asset is ideally positioned less than 1-mile east of Methodist Charlton Medical Center (300+ staffed beds), further increasing consumer traffic to the subject trade area. Located just 15 minutes from downtown Dallas, the 5-mile subject trade area is supported by more than 244,167 residents and 74,109 daytime employees with an average household income of $73,810.