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 Brooklyn Center, MN (Minneapolis - St. Paul MSA). The tenant, Grand St. Paul CVS, L.L.C., has just under 10 years of firm term remaining with 10 (5-year) option periods left to extend. The lease is guaranteed by the corporate entity (S&P: BBB | NYSE: CVS), 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 10,000 stores across all 50 states, District of Columbia, and Puerto Rico.

CVS is strategically located at the signalized, hard corner intersection of Bass Lake Road and Brooklyn Boulevard, averaging a combined 49,200 vehicles passing by daily. The asset benefits from direct access onto Interstate 94 (134,000 VPD) and State Highway 100 (81,000 VPD), making this an ideal and centralized location with easy commutes. The freestanding building is complete with a drive-thru pharmacy to maximize both sales and convenience to the customer base immediately surrounding the site. CVS is ideally situated within a dense retail corridor, and is near Brookdale Corner (113K+ SF), Crystal Center (357K+ SF), Shingle Creek Crossing (595K+ SF), and other major shopping centers. The surrounding national/credit tenants include Cub Foods, Walmart Supercenter, T.J. Maxx, LA Fitness, Sun Foods, Target, Marshalls, Starbucks, AutoZone, and others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the subject is within walking distance to Sonder House (127 units), Sonder Point (143 units), Twin Lake North (276 units), and other apartment complexes, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 319,100 residents and 130,700 daytime employees, with a healthy average household income of $93,812.

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